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Paymentworld Europe upgrades core banking system to Oracle

Tuesday, 20 October 2020

Local Fintech company, Paymentworld Europe Ltd, has upgraded the software powering several of its payment services to Oracle Flexcube, a market-leading core banking system used by global banks like Citigroup Inc., HSBC, and Wells Fargo & Company. The new system went live last Monday with the transition going smoothly without any critical defects. The implementation and training process has taken around a year and involved decommissioning and replacing the company’s previous banking system. Jens Podewski, co-founder and CEO of Paymentworld Europe Ltd., explained that “this development represents a significant investment from the company that will improve operational efficiency, reduce time to market for upcoming products, and it also greatly expands our Open Banking capabilities. This is a very exciting and important milestone for the company”. In conjunction with the implementation of Oracle, the company has rebranded its online payment account service, IBAN4U, with a fresh visual identity and website ( IBAN4U, now powered by Oracle Flexcube, is a business payment account targeted at foreign companies who want to avoid bureaucratic banks and open an account quickly. Stefan Haenel, co-founder and CFO, said the company was very pleased with how IBAN4U had been received last year by its local and European partners. “Because of its success, we are doubling-down on our strategy to push this product in the uropean market,” he said. “A proven core system like Oracle and a new, modern brand provide us with a great platform to move forward and expand our business substantially.”

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