Volksbank in der Ortenau eG, one of the largest cooperative banks in Baden-Württemberg, Germany, has extended its agreement with Six Payment Services.
SIX Payment has been responsible for the technical processing of the acquiring business of Volksbank in der Ortenau since 2012. As well as processing all card transactions, the bank uses SIX for fraud monitoring and clearing facilities.
The existing agreement would have expired in 2021 however, the bank has now extended the agreement early and it will now operate until 2026.
For Markus Dauber, chairman of Volksbank in der Ortenau, said: “Our acquiring operations are growing rapidly, with transaction figures increasing by an average of 14% year on year. I believe it is very important that we continue to work with SIX Payment Services as we know that by using SIX’s cutting-edge infrastructure our transaction processing is in good hands, allowing us to concentrate on looking after our business customers in the best possible way.”
Volksbank in der Ortenau is owned by close to 62,000 members and acts as a universal bank, offering a complete range of modern banking services for businesses and private customers. Volksbank is also active in the credit card market, acquiring and supporting merchants that accept cards as a payment method.
Andrej Eichler, head financial industry services at SIX Payment Services, added: “We are delighted with the early extension of our agreement with Volksbank in der Ortenau. Our continued positive relationship is proof of a trusted and successful cooperation in business process outsourcing. With our modular offering we are able to meet the needs of banks of any size.”
Earlier this year, SIX Payment Services launched a ‘revolutionary AI-based product’ to help merchants manage the cost of fraud. The company strengthened its package of e-commerce services fraud by launching Free by SIX in co-operation with German-Israeli payment security start-up Fraugster.
Free by SIX uses AI and combines the thought processes of human analysts with machine scalability, identifying new fraud patterns as they emerge, in real time, making it possible to detect fraud before it causes damage.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
