Worldline, a payment service provider, is expanding its partnership with Commerzbank. This extension allows Commerzbank to offer real-time euro transfers for its customers in Austria, France, Italy, the Netherlands, Spain, and the United Kingdom. Additionally, instant payments in Swiss francs can now be processed in Switzerland.

Major Swiss Banks Facing Deadline for Instant Payments Compliance

The move to introduce instant payments in Swiss francs was triggered by a decision in June 2021 from the Swiss National Bank (SNB). According to the SNB, accepting such payments will be mandatory for financial institutions starting August 2024.

This applies to major Swiss banks, including Commerzbank, with an annual transaction volume exceeding 500 million. The forthcoming EU regulation on instant payments will require all remaining Swiss banks to comply by 2026.

Alessandro Baroni, the Head of Financial Services at Worldline, commented: "We are delighted to expand our already extensive partnership with Commerzbank. With our international expertise and industry-leading solutions, we enable Commerzbank to offer instant payments in numerous European countries and also give its Swiss customers the opportunity to send and receive instant payments. This next step in our partnership showcases Worldline’s role as the ideal partner for banks worldwide."

Elevating Payment Services Across Europe

Commerzbank is leveraging Worldline's scalable Payments Back-Office processing platform, seamlessly integrated into its banking systems, to facilitate these real-time transactions. This strategic partnership ensures enhanced payment services for customers across multiple European countries, aligning with evolving regulatory requirements in the ever-changing financial landscape.

News about #InstantPayments! #Worldline is extending its partnership with @commerzbank, enabling customers in Austria, France, Italy, the Netherlands, Spain and the UK to send and receive real-time transfers in euros. Learn more in our #PressRelease: https://t.co/7WeRQqyo6F pic.twitter.com/a5OnENF9D3

— Worldline (@WorldlineGlobal) January 24, 2024

Sebastian Kauck, the Divisional Board Member and CIO Corporate Clients at Commerzbank, added: "The expansion of our existing business relationship with Worldline will help us to better support our Swiss customers and implement the upcoming requirements in the Swiss instant payment sector. The Swiss market is an important focus for Commerzbank. As we expand our offering across Europe, we are pleased to have Worldline as a reliable partner at our side."