The newly signed agreement between Worldline and Banque Raiffeisen, announced in a issued on 29 May 2024, makes Banque Raiffeisen Worldline’s first client on its cloud-based instant payments solution in Luxembourg. Under the new agreement, Banque Raiffeisen will benefit from Worldline’s cloud infrastructure, quicker onboarding processes, Tips (Target Instant Payment Settlement) connectivity, and services related to transaction sanction screening and stand-in account checks.

The payment services provider already works with Banque Raiffeisen, providing services including clearing and settlement of Sepa credit transfers, issuing processing and ATM acquiring, noted the communiqué from the payment services provider. “We have signed this agreement with Worldline, a valued partner for the clearing and settlement of Sepa payments for over 15 years, because we are confident that this allows us to smoothly implement instant payments in line with the regulatory requirements and deadlines,” commented , exco member at Banque Raiffeisen. “With instant payments we intend to complete the range of payment services we offer to our clients and be prepared for the future developments in peer-to-peer and point-of-sale payments.”

The European Council on 27 February 2024  that aims to ensure credit transfers can take place within 10 seconds. It aims to promote the adoption of instant credit transfers, reduce fraud through verification of payee services and allow non-banking payment service providers to directly access payments systems.

This announcement “represents our first cloud-based instant payments client in Luxembourg,” added Sheri Brandon, CMO financial services at Worldline. “Through our offering, Banque Raiffeisen will benefit from a comprehensive instant payments solution and a fast time to market that provides added value.”

Established in 1926, Banque Raiffeisen in April 2024 . Worldline, a payment services provider employing 20,000 people across 50 countries, generated €4.6bn of revenue in 2023.