Itella gains banking licence to improve payment services
Finland’s Itella Corporation has been granted regulatory approval to set up a postal banking division. The company said that with the green light from the Finnish Financial Supervisory Authority, it will be able to turn its payment services unit into Itella Bank.
However, the bank will not be a “normal commercial bank”, said Itella.
It will not provide loans or a physical service network as a separate bank.
Instead, it will specialise in money transfers, payments and invoicing – particularly in online commerce, parcel services and other mail business.
Customers will be able to have a bank account with Itella Bank, if related to electronic business, payment and invoicing.
The licence granted to Itella Bank will mean it can participate more effectively within the banking world and therefore provide better invoicing and payment services for Itella customers, the company explained.
Jukka Alho, president and CEO of Itella, said: “Forwarding invoicing-related information has always been a core task of Itella. Now we will be able to provide more diverse services in this sector, as the new license will include us in the cooperation network of banks.”
Itella said existing invoicing and payment services in its Itella Payment Services Ltd unit will remain available, but are set to transfer to Itella Bank by the end of 2011.
The first new banking services will be introduced in 2012, initially for companies, though consumer services will also be provided in the future, the company said.
