Banque Raiffeisen selects Worldline for cloud-based instant payments solution
Banque Raiffeisen, the sole cooperative bank in Luxembourg, has tapped French paytech Worldline for its cloud-based instant payments processing solution.
Banque Raiffeisen expands partnership with Worldline
Under the agreement, which has made Banque Raiffeisen Worldline’s first Luxembourg-based client for its instant payments offering, the Paris-headquartered company will equip the bank with the tools to send and receive instant payments as required by the EU’s Instant Payments Regulation.
In addition, by implementing Worldline’s cloud infrastructure, the paytech says the bank will benefit from greater TIPS connectivity and “smarter and quicker onboarding processes”.
Banque Raiffeisen is also set to leverage Worldline’s services for stand-in account checks and transaction sanction screening.
Worldline has been a long-standing partner of Banque Raiffeisen, providing it with services including issuing processing, ATM acquiring, and the clearing and settlement of SEPA credit transfers.
Eric Peyer, ExCo member at Banque Raiffeisen, says Worldline has been “a valued partner for the clearing and settlement of SEPA payments for over 15 years”, adding its latest agreement with the firm will enable the bank “to smoothly implement instant payments in line with the regulatory requirements and deadlines”.
Peyer says: “With instant payments, we intend to complete the range of payment services we offer to our clients and be prepared for the future developments in peer-to-peer and point-of-sale payments.”
Founded in 1974, Worldline has had a busy year so far. In April, it unveiled a new merchant payments joint venture, CAWL, in partnership with Crédit Agricole, while back in February, the company announced plans to reduce its global workforce by around 8% to achieve €200 million in run-rate cost savings.
