Raiffeisen Bank, Banca Monte Paschi Belgio and Bancontact/Mister Cash select SIX in 2012
SIX Payment Services, a leading provider of innovative payment solutions across the entire value chain, ends 2012 having completed several strategic partnerships and projects. In the last year, following the successful merger of all operating companies within the SIX Group payments business area, and combined with a substantial growth initiative, SIX Payment Services’ global revenue has grown substantially. As a result SIX Payment Services ranked 46th on the list of financial technology companies judged by IDC Financial Insights’ FinTech 100 – this is a jump of more than 20 places from 2011. This rise is in parallel with a new study showing that 76% of banks have increased investment in innovation in 2012, despite difficult financial service market conditions (Infosys and Efma).
SIX Payment Services has won several financial service organisations as new clients in 2012, as they seek to offer a greater range of value-add solutions to their customers. For the past 12 months, SIX Payment Services has been working with Raiffeisen Bank International, a leading Austrian corporate and investment bank, building its pioneering CardMobile product – a mobile payments solution enabling contactless payments via smartphones. The company also supported Belgium’s bank, Banca Monte Paschi Belgio, with the creation of the world’s first dual debit and credit card with added contactless payment and e-commerce security functionalities. This catalogue of innovative payment solutions over the past 12 months indicates that banks across Europe are increasingly looking to collaborate on the provision of payment products.
Niklaus Santschi, CEO, SIX Payment Services, said: “Banks appreciate the strategic importance of innovation and are keen to partner with payment solution providers to ensure they stay ahead of the game. We’re attributing our recent success to banks’ renewed commitment to investment in new and unique payment systems which harness the latest technology and provide superior customer experience.”
2012 witnessed an emergent trend of banks outsourcing payments activities, in order to refocus on core business functions and client service. SIX Payment Services’ successes in this space was recognised following Europe’s largest migration of a merchant and card portfolio with PayLife Bank, which saw the two companies win a number of awards, including the FSTech Award for Best Technology Partnership of the year.
A further win for its financial industry services arm saw SIX Payment Services working with Belgian debit card scheme Bancontact/Mister Cash on a switching exercise which will result in the processing of the scheme’s SEPA compliant debit card transactions. In 2011, more than one billion transactions were processed under the Bancontact/Mister Cash scheme making this scheme one of Europe’s premier card programmes. The new switch infrastructure will be live mid-2013 and demands a reliable infrastructure to accommodate such a large volume of transactions which are inevitably set to increase during 2013.
Santschi continued: “The ‘Innovation in Retail Banking’ report from Infosys shows that 93% of banks expect to offer mobile payment services within the next three years. For SIX Payment Services, this opens up huge market potential – we have a strong heritage in payment innovation and proven success in teaming up with banks across Europe to pioneer and deliver market-firsts. With banks experimenting in the mobile payment space 2013 is set to see many more financial services providers increase investment into modern solutions, such as partnerships with established players, in order to remain competitive. We look forward to an exciting and successful year ahead.”