Volkswagen Bank Migrates to CoCoNet's Multiversa E-banking Platforms
Volkswagen Bank has migrated from CoCoNet’s established e-banking solutions to its modern banking server, Multiversa International Banking Server (IBS ), and its finance portal, Multiversa International Finance Portal (IFP), in order to benefit from cross-national innovations in e-banking formats and banking connectivity.
The finance portal enables Volkswagen Bank perform payment transactions with third-party banks, while the banking server serves as the payment hub of Volkswagen Bank, receiving payment data from international corporate customers.
With Multiversa, the financing arm of the European auto manufacturer has a solid foundation to stay at the forefront of harmonisation trends in payment transactions with single euro payments area (SEPA) formats and the Electronic Banking Internet Communication Standard (EBICS) connectivity standard.
For customers in France and Germany, Volkswagen Bank now offers SEPA formats as a standard cross-country format in addition to the payment formats CFONB, DTAUS and DTAZV (and MT940 and CFONB120 for account information).