Raiffeisen Bank International is implementing a regulated financial infrastructure to enable fast, secure, and transparent cross-border payments across 11 countries in Central and Eastern Europe.
Raiffeisen Bank International (RBI), one of Europe’s leading corporate and investment banks, announced a partnership with Wise, a global payments provider. This initiative will allow retail and corporate clients to make fast and secure international transfers within Central and Eastern European countries.
The integration covers 11 countries including Albania, Bulgaria, Bosnia and Herzegovina, Hungary, Romania, Serbia, Slovakia, Ukraine, Croatia, and the Czech Republic. In these countries, Raiffeisen Bank clients will be able to make cross-border transfers directly from their existing accounts using Wise’s infrastructure.
According to the press release, the Wise Platform boasts high efficiency, about 65% of transactions are completed in under 20 seconds, and 95% of transfers settle within 24 hours. The platform holds over 70 licenses and has six direct connections to global payment systems, supporting coverage of more than 160 countries with over 40 different fiat currencies.
Matthias Dekan, Head of Payments and Daily Banking at Raiffeisen Bank International, noted a significant increase in customer demand for international transfers in recent years. He believes that the partnership with Wise will provide Raiffeisen’s clients with a higher quality and more innovative approach to cross-border payments. Steve Naudé, Managing Director of Wise Platform, said that Wise’s infrastructure integration will enable Raiffeisen to offer instant, transparent, and more affordable cross-border transfers.
In 2024, Raiffeisen Bank’s retail customers gained access to cryptocurrencies through the bank’s mobile app.
Author: Ana Bustos GarcÃa
