Ivobank is a new online bank created in 2008 to provide merchants and consumers across a range of internet market sectors with secure, convenient and competitively priced payment services.
In the competitive world of online banking and payments, being able to bring new customers on board quickly and easily is essential. The bank worked with Fiserv for its core banking system, and used its Aperio solution to allow customers to open new accounts in less than three minutes.
Ivobank specialises in secure online banking, pan-European payments and money transfer services for both merchants and customers, creating a unique opportunity to match merchant services with customer needs. To support this innovative business model, Fiserv and Ivobank designed a unique technology environment that took advantage of Fiserv's XML-based SOA and web services technology to communicate with and integrate over 40 Fiserv and third-party applications, services and databases using the Aperio business process management solution. This environment enables rapid decisioning, complete with automated workflow and risk management for fast new account opening and reliable payments processing.
The Finextra verdict: Any greenfield online bank needs to make the right technology choice to give it a solid differentiation in product and service from establised competitors. For a bank with agressive geographic expansion plans, speed of onboarding new customers and geographies is crucial. If Ivobank succeeds with its plans, the Aperio technology will have played a key role.