Commerzbank outsources all Sepa transactions to equensWorldline

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 arrival of instant payments in Europe brings with it a complex regulatory and operational burden for the banking sector.

“This partnership will allow Commerzbank to use economies of scale and it will reduce administration tasks for our sales force," says a Commerzbank spokesperson.

Michael Steinbach, managing director for financial services and CEO equensWorldline, adds: "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."

In a separate contract, signed earlier this year, Commerzbank will also take the unusual step for a Tier 1 bank to outsource its Swift Infrastructure to equensWorldline, based on a new partnership with Intercope and its BOX Messaging Hub.

The giant German bank is mid-way through a corporate transformation programme - dubbed Commerzbank 4.0 - that entails tens of thousands of jobs cuts and a EUR700 million a year IT and digitalisation splurge.

Christian Rhino, divisional board member, Group Banking Operations Commerzbank AG, says: “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.”

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