FINCI launches vIBAN solution with Credo Bank in Georgia.
Credo Bank is now live with FINCI’s vIBAN solution.
For Credo Bank, the solution provides a European payment route for customers transferring funds from Europe to Georgia. Each customer can be assigned a unique European vIBAN, allowing the bank to identify incoming payments automatically and simplify reconciliation.
"The world of money transfers is diverse and full of interesting challenges. Being part of this industry means always looking for new opportunities to make the customer experience easier and better. Our new product — the European IBAN — was one of these exciting challenges. The new payment route makes transfers from Europe simpler and faster for our customers. Thank you to FINCI for this opportunity, trust, and great cooperation. I am happy that together we have created another modern and convenient financial service for our customers," said Zizi Maghaldadze, Product Owner at Credo Bank.
The FINCI and Credo Bank teams worked together from designing the payment flow to completing the API integration. The workflow is integrated into Credo Bank’s systems through FINCI’s API, and the FINCI vIBAN Portal is also available for operational and compliance oversight.
"This is our first live vIBAN implementation with a bank, and we are proud of what both teams have delivered. It shows that FINCI can adapt the infrastructure to a partner’s payment model and integrate it directly into their systems."
Sergejs Sosnovskis, Project Manager at FINCI.
One launch, many possible applications
The Credo Bank launch demonstrates how European vIBANs can help banks outside SEPA receive and identify payments from customers in Europe.
"vIBANs make it possible to give every payment a clear destination and purpose. Our vIBAN solution supports different payment models while reducing manual work and making payment collection more efficient and transparent for our partners."
Andrejs Jarovojs, Product Owner at FINCI.
The same infrastructure can support banks, EMIs, payment institutions and eligible businesses with different payment collection and reconciliation needs. vIBANs can be assigned to customers, contracts or invoices, allowing incoming payments to be attributed automatically.
Talk to our team about vIBANs for your bank, EMI or payment business.
Contact sales teamAbout Credo Bank
Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 97 service centers, it offers fully-fledged and innovative banking services to over 500,000 customers. The Bank’s mission is to support Georgia’s entrepreneurs, their employees and families to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions: German - Access Credo GmbH, French – Proparco and Japanese - Gojo & Company, Inc.
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