PowertoPay, supplier of the SaaS Corporate Payment Hub, is streamlining the required bank migration of RBS customers in the Netherlands.
In March 2015, The Royal Bank of Scotland announced to reduce its activities in the Netherlands to a minimum. Not only will this withdrawal affect 600 Dutch employees, it also entails that all RBS customers are forced to select another bank which is a complex and time-consuming process.
The Royal Bank of Scotland (RBS) is withdrawing from the Dutch market to be able to focus more on the UK domestic market. RBS will only be active in the Netherlands in the fields of risk management and currency trading. The withdrawal of RBS from the Dutch market forces the RBS customers to find new banks within a very short period of time. “When corporates usually migrate to a different bank, this is an extensive, long term and complex operation. The amount of pressure that RBS customers are experiencing due to this current situation, complicates the migration process even more", says Frank Nolden, CEO of PowertoPay.
PowertoPay’s Corporate Payment Hub is a proven solution which streamlines and simplifies the RBS migration. The Hub instantly connects (RBS) customers to multiple banks worldwide, which accelerates the migration to new banks. The Hub facilitates the exchange of data with the bank without complicated software installations and migration trajectories. PowertoPay’s Payment Hub adopts and replaces a bank’s authorisation structure (the authorisation options resemble the RBS Access Direct authorisation mechanisms), which makes it a fast and efficient means to streamline payments, especially for corporates switching banks. The solution has proven to be successful: multiple ex-RBS customers have already switched banks using the PowertoPay Payment Hub.