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Worldline enables real-time transfers for Commerzbank

Thursday 25 January 2024 12:41 CET | News

Payment service provider Worldline has strengthened its partnership with Commerzbank to offer to enable real-time transfers across Europe and instant payments in Swiss francs.

 

Worldline is further expanding its partnership with Commerzbank. This extension enables real-time transfers in euros for Commerzbank customers in Austria, France, Italy, the Netherlands, Spain, and the UK. It is also possible to process instant payments in Switzerland in Swiss francs. Instant payments are processed via the scalable Payments Back-Office processing platform from Worldline that was previously integrated into Commerzbank's banking systems.

Worldline has strengthened its partnership with Commerzbank to offer to enable real-time transfers across Europe and instant payments in Swiss francs.

 

Adapting to Swiss instant payment mandates

The strategic trigger for the introduction of instant payments in Swiss francs is a decision by the Swiss National Bank (SNB) in June 2021, according to which the acceptance of such payments will become mandatory for financial institutions. From August 2024, the largest Swiss banks, including Commerzbank due to its annual transaction volume of more than 500 million, must be able to process instant payments. In line with the forthcoming regulation on instant payments in the EU, the remaining Swiss banks will follow by 2026.

Officials from Worldline said they are happy to expand their partnership with Commerzbank. With their international expertise and industry-leading solutions, they enable Commerzbank to offer instant payments in numerous European countries and also give its Swiss customers the opportunity to send and receive instant payments.

Also commenting on this partnership, representatives from Commerzbank said that the expansion of their existing business relationship with Worldline will help them to better support their Swiss customers and implement the upcoming requirements in the Swiss instant payment sector. The Swiss market is an important focus for Commerzbank. As they expand their offering across Europe, they are pleased to have Worldline as a reliable partner.

Worldline has a network-independent solution that is used as a SWIFT Service Bureau. Commerzbank will also use the existing solution to connect to the new SIC 5 system for Swiss Instant Payment Clearing.

What does Commerzbank do?

Commerzbank is the bank for the German Mittelstand and a strong partner for around 26,000 corporate client groups and almost 11 million private and small-business customers in Germany. The bank’s two business segments – private and small-business customers and corporate clients – offer a comprehensive portfolio of financial services. 

Commerzbank transacts approximately 30% of Germany’s foreign trade and is present internationally in more than 40 countries in the corporate clients’ business. The Bank focusses on the German Mittelstand, large corporates, and institutional clients.

As part of its international business, Commerzbank supports clients with a business relationship to Germany, Austria, or Switzerland and companies operating in selected future-oriented industries. In the private and small-business customers segment, the bank is at the side of its customers with its brands Commerzbank and comdirect: online and mobile, in the advisory centre, and personally in its branches. Its Polish subsidiary mBank is an innovative digital bank that serves approximately 5.7 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.

About Worldline

Worldline  is player in the payments industry and the technology partner of choice for merchants, banks, and acquirers. Powered by 18,000 employees in more than 40 countries, Worldline provides its clients with sustainable, trusted, and innovative solutions fostering their growth. Services offered by Worldline include instore and online commercial acquiring, highly secure payment transaction processing ,and numerous digital services.

For more information about Worldline, please check out the company profile in The Paypers Company Database.


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Keywords: instant payments, real-time payments, regulation, banking, payment processing
Categories: Payments & Commerce
Companies: Commerzbank, Worldline
Countries: Europe
This article is part of category

Payments & Commerce

Commerzbank

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Worldline

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