Under the terms of the deal, Raiffeisen banks will be able to offer their customers another payment method on the internet. The bank customers are provided with an alternative possibility to make payments across borders and currencies using their Raiffeisen bank accounts.
As soon as the customer selects Sofort Banking as a payment method when shopping online, the order data is automatically transferred. After selecting the bank, the customer has to enter the personal online banking details before the transfer is executed by means of a confirmation code as usual. The data is then transmitted to the account in an encrypted form. The online merchant receives a confirmation of the successfully completed payment and can ship the goods immediately.
RBG has 40 % market share, more than 1.4 million customers and 32.4 million transactions per year. More than 25,000 e-commerce retailers conduct more than 2 million transactions monthly using Sofort Banking / Sofort Überweisung. As well as Germany, the service can also be used in Austria, Switzerland, the Netherlands, Belgium, France, Italy, Spain, Poland and the UK.
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