Published on December 5th, 2016

FinReach in Austria

Our venture FinReach is going international! An Austrian bank is now offering FinReach’s digital account switch service. Other EU countries including Spain, Italy and France are planned to follow and adopt the venture’s service.

The Partnership

FinReach is partnering with BAWAG P.S.K from Austria to offer the Account Switch Kit to the bank’s clients. The venture is ensuring the quick and safe integration of data to the new account through the collaboration with FinTechSystems.

“We are happy that we are able to support FinReach with our technology in Austria as well. Together, we have properly realized more than a thousand of account switches in Germany and we wish to extend this for Austria.” says Stefan Krautkrämer, CEO and founder of FinTechSystems.

The Service

Created in December 2015, the Account Switch Kit process takes less than ten minutes. It allows customers to automatically switch all standing orders, direct debits and incoming payments. More than 100 banks in Germany are already using the service from FinReach and more than 50,000 accounts have already been successfully moved.

Dr. Matthias Eireiner, Managing Director of FinReach: “We are happy that we can provide our digital account switch in Austria, too. The cooperation with the BAWAG P.S.K. is the first step towards the internationalization of FinReach. We are looking forward to welcoming more partners in Austria and other European countries. The fast, digital account switch should belong on every European bank’s digital agenda.”

The Advantages

FinReach’s aim is to help banks towards a goal of digitization of the business and client interaction processes. The Account Switch Kit is the first step, providing a convenient and quick alternative for switching accounts. Customer satisfaction figures due to the transparent process represent the main advantage for banks. Through the use of the Account Switch Kit, the customer experience is completely altered, delivering long-term benefits for both the banks and the customers. FinLeap’s venture FinReach is the first company to provide the service in Austria.