Banco Cooperativo Español has relied on FinReach, a provider of software solutions aimed at banking entities, to offer its clients and those of the 17 interested shareholders a digital solution for the change of account. The agreement contemplates the free transfer of your direct debits, periodic transfers or recurring revenue from another entity to your Caja Rural account, quickly, easily and securely from any device connected to the Internet.
“Fintech should be the great allies of traditional banking to bring innovation to financial services and customers”, explains Adriana Gaitán, Country Manager in Spain of FinReach. Among the benefits of the new strategy, the private client will now save all the paperwork associated with this type of paperwork without having to go through the bank office or invest time in collecting all the information about payers and suppliers to inform them of the change of account.
What would the process be like?
Regarding the process, the owner registers on the platform with his own keys and the IBAN of the new account. Next, the tool shows a summary of the activity and the user will only have to choose with a click which providers and payers of the old account should update the banking information. FinReach will be responsible for sending you an online notification by the client. Once this process is complete, the individual can download a summary of the change, but will not have to provide invoices or other documents at any time.
“We are very pleased to be able to contribute with our services so that the clients of Cajas Rurales have within their reach the advantages offered by technology and the new way of understanding banking,” says Gaitán, for whom the new alliance “will reinforce our leadership in Spain as providers of account exchange solution and our ability to meet the digitization needs of our banking partners. ” The FinReach solution also makes it easier for financial institutions to comply with the new European Directive 2014/92 / EU, focused on promoting financial mobility, by which the procedures to change a bank account become the responsibility of the entities themselves and not the client.
Also published on Medium.