As part of the merger of the Group UBI Bank in Understanding St. Paulcompleted on 12 April 2021, the integration of IWBank in Fideuram – Intesa Sanpaolo Private Banking, which will take place in a few days.
In fact, starting from February 14, 2022, IWBank will become a stock brokerage company and will take the name of “IW Private Investments SIM”, with the aim of further focusing its mission while preserving relationships with customers and the network of financial advisors. .
From the point of view corporate this will result in the split partial of the business unit of IWBank consisting, among others, of the relations relating to the provision of all banking services and some investment services, in favor of Fideuram. From an IT point of view, on the weekend of 12 and 13 February, all reports will be migrated from the IWBank information system to the IT platform Banca Fideuram target.
From February 14, IWBank customers will have access to Fideuram’s wide range of banking and investment products and services, both through the financial advisor and directly through Fideuram’s digital channels (Alphabet). From the same date, “trader” customers will be able to continue to use IWBank’s distinctive advanced trading platforms which will be linked to Fideuram systems.
In this way also for IWBankas for all companies from the Group UBI, the completion of the integration will make it possible to standardize procedures and operations, consistently with the high quality standards that the Intesa Sanpaolo Group ensures to its customers. All changes relating to operations, methods of access and modification of bank details have already been announced to customers through written communications. A section on the IWBank public website was dedicated to support customers, containing the most frequently asked questions with their answers, as well as the most important information for switching to the new platform.
IWBank: main operational steps
Reports of bill current – the new IBAN code has already been communicated to IWBank customers. To facilitate the transition, the credits received by Fideuram – Intesa Sanpaolo Private Banking with the IWBank bank details, including ongoing ones (e.g. salaries and pensions), will be automatically redirected to the new details. The same will happen for domiciled debits, which will be automatically updated so that each pre-authorized transaction that arrives in Fideuram – Intesa Sanpaolo Private Banking is carried out with the new coordinates. Although the contractual structure changed, communicated within the terms of notice provided for by the law, the economic conditions remained unchanged overall.
Holders of paper Hybrid – the unilateral withdrawal was notified and IWBank offers the possibility to request the new Nexi credit card, a reliable contactless card equipped with the most advanced technologies. The first year annual membership fee is free. IW Cash debit card and Like prepaid card – can also be used after February 14 with some reduced features, already communicated to customers.
Services of investment – customers will be able to operate online through Alfabeto Trading and Trading + (if holders of IW Conto Trading), to trade financial instruments on multiple markets. Furthermore, clients holding advisory services in IWBank will be able to access the wide range of products offered by Banca Fideuram through the financial advisor. Also in this case, the economic conditions remained unchanged, albeit with some changes in the contractual structure. Digital services – from January 2022, IWBank customers have received – in the Customer Area – all the useful information and instructions to generate the new credentials, which will allow them to access, from February 14, the “Alfabeto” digital channels, to use all the web services and all the Fideuram apps, while maintaining the conditions of use of the online bank services unchanged.
Contact center – will remain operational during the weekend of 12-13 February to provide assistance to customers, operating in close connection with structures dedicated to overseeing the operation in order to respond promptly to any reports detected by customers and thus minimize inconvenience.