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 Acquisitions

Banks 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.¬†‚ÄčThose 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 Account

More 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 bank

Many 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.

schema ibanp

Do you want to know more about the account number portability? Go in IBAN Portability Project website.