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Home Business Commerzbank outsources all Sepa transactions to equensWorldline

Commerzbank is preparing for the arrival of instant payments across Europe by outsourcing all of its payments processing in the Single Euro Payments Area (Sepa) to equensWordline.

The ten-year contract will see equensWorldline take over all Sepa instant, multi-currency, and domestic payments – equating to four billion transactions per year – on behalf of the bank, migrating legacy inhouse architecture to the equensWordline platform.

The bank says the arrival of instant payments in Europe brings with it a complex regulatory and operational burden, better handled by a specialist payments processor and paid for on a managed service basis.

Michael Steinbach, managing director for financial services and CEO equensWorldline, says: “This new relationship is a significant step for our company, providing clear evidence to the market that we are the partner of choice for processing all payments of a globally operating bank. It is also a strong signal to banks to test their operating models and explore the benefits of outsourcing their payments operations.”

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Source: finextra.com