Transfer Rapid: Low-Cost, Reliable, Close to Home. A success story benefiting the Romanian consumer
Launched in 2004 with US investment and Romanian technology know-how, the company addresses a market estimated in 2010 at €6 billion, driven by the large-scale Romanian workforce migration in recent years into European Union countries.
In 2005, Transfer Rapid began its successful partnership with CEC Bank, the country's oldest financial institution with the largest bank network and the most recognized bank brand. Together, they set out to build the most cost-effective payout service in Romania.
Following a sustained two-year resource investment by Transfer Rapid - rolling-out state-of-the-art technology through the bank's 1200 branches, training over 2000 bank tellers and providing extensive back-office services - CEC Bank began offering the Transfer Rapid technology platform to its customers, bringing a much-demanded "low-cost, reliable, close to home" payout service to the Romanian consumer.
Since then, Transfer Rapid's technology platform and CEC Bank's highly skilled bank tellers have processed over 6 million transactions with no technology incidences and high client satisfaction, demonstrated by repeat client usage exceeding 80%.