Worldline subsidiary equensWorldline has partnered with German lender Commerzbank to process all Single Euro Payments Area (SEPA) instant, multi-currency domestic payments for the bank for ten years.
Along with Worldline parent Atos, equensWorldline will manage the existing legacy payment applications of the lender in the first phase of the project, which is already underway.
In the second phase, majority of the lender’s applications will be replaced by the latest equensWorldline platform technologies.
Once the new technologies are deployed, equensWorldline will start processing around 4 billion of Commerzbank payment transactions annually.
The deployment of new technologies will enable Commerzbank to introduce instant payments that will allow money transfer within seconds.
equensWorldline will also manage Commerzbank’s Financial Messaging SWIFT Infrastructure under a separate contract signed earlier.
Commerzbank group banking operations divisional board member Christian Rhino said: “Through the purchase of “payment as a service” from equensWorldline, we have not only gained a reliable strategic partner for our company, but through this we can fully concentrate on our digitalisation and the strategic restructuring of Commerzbank 4.0”.
equensWorldline managing director for Financial Services and CEO Michael Steinbach added: “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. Today, we live in a real-time world and payments need to be real time as well. Banks like Commerzbank have recognised this and are adapting their digitalisation strategies accordingly.”