Email Contact Phone Company Visit Website

Erkrath / Düsseldorf (Germany) Head Office

Steinhof 5




Sandra Hering
[email protected]
Back to all CoCoNet announcements

ING Wholesale Banking live with CoCoNet’s portal solution MULTIVERSA IFP

ING Wholesale Banking, the corporate and investment banking division of ING Group, has gone live with CoCoNet’s MULTIVERSA IFP International Finance Portal. MULTIVERSA IFP is the core solution for the European e-banking strategy of ING Wholesale Banking.

Motivation - need for a change
ING Wholesale Banking saw an overall customer demand towards less-intrusive web-based e-banking systems. Existing e-banking systems like Girotel Zakelijk, Telelink, Electronic Banking and MultiCash are going to reach the end of their life cycle and are not meeting market needs any more. The scattered architecture causes high operating and maintenance costs. Moreover, changing market constraints like SEPA bring additional need for action.

A new, pan-European solution
With the new channel strategy ING Wholesale Banking wants to set-up a pan-European channel with coherent mid-office architecture and, in parallel, to cut development and baseline costs. Under the brand name InsideBusiness, ING Wholesale Banking is currently realising an e-banking portal solution based on CoCoNet’s MULTIVERSA IFP for wholesale customers in Europe. In the first stage, a version for The Netherlands has been realised which is now live with the first pilot customers.

The bank selected CoCoNet as a partner, because the company could offer a standard product, MULTIVERSA IFP, and has a proven track record. ING Wholesale Banking explicitly decided to buy and not to make the new solution in order to achieve a short time to market. The benefit of a standard product like MULTIVERSA IFP is that it is constantly being enhanced by new features for a growing user group. Major banks from different European countries have selected MULTIVERSA IFP as main access channel for their corporate customers.

Stage 1 – a solution for the home market
In the first stage, ING Wholesale Banking launches InsideBusiness for SME and mid-corporate customers in its core market, The Netherlands. The functionality includes domestic and cross-border payments, end-of-day/intraday reporting and customer self service for administration. For the security of transactions, MULTIVERSA IFP is integrated with ING’s Group PKI smartcard I-dentity. In the back-end, MULTIVERSA IFP is connected to various back-office systems. This first country version for The Netherlands is now live with pilot customers. Finally, about 120,000 users are supposed to execute approximately two million payments daily via the portal.

Future stages are already scheduled and focus on SEPA-capabilities for The Netherlands and in the course of 2008 country modules for a/o Belgium, France, Germany, Italy and UK including SEPA payments and reporting. Existing e-banking systems will be gradually replaced as from end of 2009.