September 2, 2009
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News: Raiffeisen Launches New HiTech CC
Romanians will soon have access to the high tech credit card with a multi-functional chip that will provide confirmation and approval of all electronic transactions conducted online through Raiffeisen Bank's online banking. The Raiffeisen Bank is the first to offer this type of credit card in Romania. The bank has launched its new program and says that all future credit cards will be equipped with the chip at no additional cost to them. Additionally, customers will also be receiving the card reader free of charge as well. The move is the first in a series of upgrades that will take place. Online customers will be the first to utilize the new technology which will be integrated to all of the bank's platforms.
Although the chip allows additional functions to be added, the first step in implementing the new technology will be with the online banking system specific to credit card use. Bank officials indicate that the all information that the card stores cannot be copied like the traditional magnetic stripes on the backs of most cards. A valuable fact and security provision that the bank's nearly 326,000 credit card customers will find favor in. According to Raiffeisen Bank, over 70 percent of their card customers take advantage of online banking and the numbers have been increasing nearly 20 percent a year.
Raiffeisen Bank Romania is part of the Raiffeisen International group and operates over 500 units, 964 ATMs and nearly 8,000 points of sale (POS). Raiffeisen International owns and operates one of the largest bank networks in Central and Eastern Europe. Although their country has felt the effects of the current international financial crisis, the Raiffeisen Bank continues to be a major contributor in the credit card market. They offer a range of cards, co-branded cards, and debit cards in both the commercial and personal consumer markets. They are the recipients of several distinguishing banking awards including “Bank of the Year” in 2007 and the banking “Excellence Award” in 2008.