Digital Fintech Specialist Wirecard Expands Collaboration With ReiseBank

Wirecard, a Germany-based global provider of digital payments and commerce solutions, announced this week it has expanded its expanding its collaboration with German bank, ReiseBank. The duo recently rolled out the mobile banking app bankom.

According to Wirecard, the companies are providing users with a completely digital banking ecosystem in the form of the bankomo app. The accounts may be opened and managed within just a few minutes through video authentication using the intuitive app (iOS and Android) or online at the bankom website. Wirecard also noted that each account is linked to a prepaid Mastercard, which enables money to be transferred to other bankomo customers (peer-to-peer) within seconds and also supports traditional banking services, such as SEPA transfers and direct debits as well as standing orders. Furthermore, cash may be withdrawn at any of the 300 ReiseBank cashpoints across Germany.

By expanding cash payments and withdrawals, Wirecard is leveraging its position as ReiseBank’s technology partner to make digital banking even more appealing. A partner network of around 9,000 branches across Germany is available for cash payments. This includes Rewe, Penny and Real among others, with Rossmann also joining from April 2018 onwards. To pay in or withdraw cash, users can simply create a barcode in their bankomo app, which is then scanned at the supermarket checkout to enable the payment or withdrawal.”

Julian Weste, Vice President FinTech & Financial Institution at Wirecard, stated:

“Thanks to our expanded partnership, ReiseBank can offer its customers increased value-added immediately. State-of-the-art banking solutions such as bankomo show how international apps can be expanded with useful value-added services. This is making digital banking even more appealing.”

Jörg Hübner, Management Board member at ReiseBank, added:

“With the new services offered by bankomo, we are giving our customers what they want: the ability to easily make withdrawals from or to pay money into their account across the country. This clearly allows our international target group to be much more flexible when it comes to managing their finances.”