German financial services provider Volkswagen Bank has completed the migration from CoCoNet’s electronic banking products to the latter’s banking server and finance portal.

CoCoNet’s finance portal Multiversa IFP is set to provide Volkswagen Bank’s customers with domestic and international payment capabilities, balance and transaction reporting (BTR) as well as cash management services.

Furthermore, the banking server Multiversa IBS is expected to act as a payments hub for the Volkswagen Bank, receiving payment data from international corporate customers and ensuring connectivity between third-party front-end systems and the bank's back-office.

Volkswagen Bank was established in 1949 and is the operating subsidiary of the Volkswagen Financial Services for the financing business for new and used vehicles.