Account Number Portability
Which are the benefits of Account Number Portability?
IBAN PORTABILITY used in a consortium or in a single bank institution facilitates the implementation of:
Merge and AcquisitionsBanks need more and more to reorganize and centralize their finances through Mergers and Acquisitions. This ideally would involve moving bank accounts and changing IBANs of thousands of customers. Those operations are very expensive and can last for a long period of time, involving the risk of losing information and due to the inconveniences for account holders in changing IBAN, involve very high losses of client.
Virtual Current AccountMore and more banks around Europe are creating internal digital banks pursuing the high savings that digitization processes can bring. Banks now have the issue to convince customers moving to those new branches of their businesses: one of the main barrier is represented by the IBAN change.
Moving the old bank to the new bankMany banks customers nowadays migrate in other countries for working, study or other reasons. The mobility rate of European workers is growing at a pace of 5% per year. These clients have to face with the problems of opening a new bank account and to deal with a new IBAN code. IBAN Portability is the mean to keep those clients within your banking group.
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FORFIRM, adopting IBAN Portability Project framework, can integrate banks in cluster and realize porting of current accounts internally to a single bank institution without changes to core banking system.
FREEDOM OF ACCOUNT NUMBER PORTABILITY
IBAN Portability Project (formerly IBANP) is a plugin solution that allows bank account holders to move from a bank to another one preserving their own IBAN.
SOMETHING IS MOVING IN EUROPE...ALL THE OFFICIAL DOCUMENTATION ABOUT ACCOUNT NUMBER PORTABILITY
PITCH FOR INVESTORS
EVANGELISTS OF IBAN PORTABILITY PROJECT
What is an evangelist?
An evangelist promotes the use of a particular product or technology through talks, articles, blogging, user demonstrations, recorded demonstrations, or the creation of sample projects. The word evangelism is taken from the context of religious evangelism due to the similarity of relaying information about a particular set of beliefs with the intention of converting the recipient. There is some element of this although some would argue it's more of showcasing the potential of a technology to lead someone to want to adopt it for themselves.
What IBANP evengelists do?
Becoming part of IBANP means to be involved many aspects of our mission.
1- Partecipation to international fairs in order to spread the word about account number portability in banking sector
2- Sustain the project spreading marketing materials and the petition
3- Community engagement: get other people involved in our project
Do you want to know more about the account number portability? Go in IBAN Portability Project website.