- Raiffeisen Bank Group consolidates all card business across 17 markets onto a single WAY4 transaction processing platform.
- WAY4 is flexible to meet different market-specific requirements and changes for banks of Raiffeisen Bank International group.
- In 5 years Raiffeisen's new WAY4 system is expected to handle 2.5 million cards, covering 60 different product types.
Raiffeisen Bank International (RBI), the leading corporate and investment bank in Austria and well-known retail banking brand across the EU with presence in 17 markets, has chosen OpenWay’s WAY4 platform to upgrade and enhance the issuing and acquiring services offered by its European processing centre to banks in the Raiffeisen network. The challenge was to consolidate all of Raffeisen’s card business onto a single location.
Before selecting WAY4, RBI had had a thorough assessment of all the major card management software vendors. The new future-proof solution which was to replace existing issuing and acquiring systems had to fit into the existing infrastructure, incorporate the business functionalities of the legacy sub-system and comply with all the functional and technical requirements of RBI’s processing centre. At the same time, it had to lower operational costs and increase the overall system performance. WAY4 was the only system that met all the requirements and confirmed its benefits through a preliminary discovery phase and proof-of-concept procedure.
Wim Pardon, Managing Director of OpenWay EMEA commented, "WAY4 allows RBI to consolidate the products of all the different banks in its group while satisfying the requirements of each bank to be able to adapt its products rapidly to specific and changing market situations. The all-in-one platform allows RBI to cut costs thanks to WAY4’s end-to-end processing which facilitates product and service centralization and streamlining of business processes while managing multi-country and multi-institution processes efficiently."
Over the next five years, the number of cards to be handled by the new WAY4 system is expected to reach 2.5 million, made up of 60 different types across 17 countries, and transaction volumes are expected to reach 250 million.
Raiffeisen Bank International AG (RBI)
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus.
In total, around 60,000 employees service about 14.2 million customers through more than 3,100 business outlets, the great majority of which are located in CEE. RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.