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ING’s Czech Exit; Meet Germany’s Platform-as-a-Service Innovator Payever

After 20 years as a player in the retail banking market of the Czech Republic, ING is calling it quits. The firm announced this week that it plans to withdraw from the country’s retail banking scene and is encouraging its customers to consider Raiffeisenbank Czech Republic as their alternative bank going forward.

ING expects to end its operations in the Czech Republic by the end of this year. The company has approximately 375,000 retail banking customers in the country and has worked with Raiffeisenbank to ensure the smoothest possible transition for ING customers to take advantage of the opportunity to transfer their savings and investments. This agreement is pending regulatory approval.

ING Group said that the decision in part reflects an assessment of whether or not operations “are likely to achieve the preferred scale in their market within a reasonable time frame. ING has more than 39 million retail and wholesale customers in 40 markets around the world.

We will stay in the CEE for this week’s Finovate Global Profile, which features payever, a German platform-as-a-service commerce solution for banks and insurance companies. Founded in 2013 and led by CEO Artur Schlaht, payever made its Finovate return last fall at our all-digital FinovateWest event. At the conference, the Hamburg, Germany-based company demonstrated its Commerce Infrastructure that enables banks and insurance companies to connect to hundreds of thousands of businesses – as well as million of consumers – online as well as at the point of sale.

Payever offers a variety of Business Apps that cover the entire sales cycle. The company’s Checkout solution gives customers wide access to a range of payment options without requiring the merchant to undergo complex integrations. With Shop, merchants can build their own online store in without needing any coding experience. The solution features design template as well as cloud hosting and support.

Payever’s PoS technology enables its partners to offer cashless payment acceptance using QR codes instead of expensive hardware. Other solutions offered by payever include a Studio to help merchants better display their wares digitally and Mail, an e-mail marketing solution for building newsletters, sending personalized offers and more – all without needing to code.

Check out payever’s demo from FinovateWest last year.

Here is our look at fintech innovation around the world.

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean


Sub-Saharan Africa

Photo by Daniel Frank from Pexels