As one of Europe’s leading banks, UniCredit has been making bold changes to ensure it stays ahead of the curve. At the helm of the strategic transformation plan is Raphael Barisaac, global head of payments and cash management.
In 2023, UniCredit set out to streamline its payment services, focusing on key areas such as trade, working capital and correspondent banking. The result? Group Payment Solutions, a unit designed to integrate Group and Acquiring with Transactional Payments and Cash Management for both corporate and retail clients.
We understand the local markets in a way that few others do, and that gives us an edge
This shift was part of the wider UniCredit Unlocked strategic direction, which aims to modernise the bank and create value for its clients. And UniCredit Unlocked led to tangible results – only a few days ago, Andrea Orcel, named Banker of the Year by Euromoney in 2024, announced the bank’s 16th consecutive quarter of profitable growth.
Barisaac elaborates on the drivers behind the restructuring. “We needed to rethink how we operate to align more effectively with industry dynamics and client expectations,” he says. “This new structure enables us to connect our offering with clients’ needs in ways that were not possible before.”
Global expertise blended with local knowledge
Barissac believes that UniCredit is not only keeping up but setting the pace. The bank’s biggest advantage, according to the executive, is UniCredit’s ability to blend global expertise with deep local knowledge. The bank offers full banking services in each country it operates in. “We understand the local markets in a way that few others do, and that gives us an edge,” he says.
UniCredit’s home turf is Europe, and that means operating in a highly competitive environment. The bank has consistently been recognised as one of the top financial institutions in Western Europe and a leader in Central and Eastern Europe by the respondents in the Euromoney surveys. Clients frequently point out its top-notch product offerings, strong relationship managers and the ability to innovate.
Prepared for a real-time future
At the heart of UniCredit’s transformation is a focus on innovation. Whether through digital advancements or strategic realignment, the bank looks for ways to remain ahead of change. But no discussion on the future of payments would be complete without addressing one of the biggest shifts happening in the industry: real-time payments.
By 2027, all EU countries will be required to implement an instant payments (IP) scheme, a development that aligns with the European Commission’s vision for a digital euro. UniCredit has been investing in its digital infrastructure to prepare for this transition, having introduced instant euro transactions in Italy and Germany as early as 2017 under the Sepa Instant Credit Transfer scheme.
We have team members with over 20 years of experience, but we also hired individuals without prior payments industry knowledge who have become some of our most productive employees.
However, challenges remain. “For businesses operating outside the eurozone, being only partially integrated into the framework creates regulatory complexities,” Barisaac notes. Another major concern is the robustness of existing technological infrastructure to handle real-time transactions securely. “The legal framework governing IP transfers is still evolving, and achieving regulatory harmonisation across different jurisdictions will require significant collaboration between financial institutions and policymakers,” he adds.
Diversity at the core of UniCredit’s approach
Beyond digital transformation, UniCredit recognises that its long-term success depends on its people. Barisaac proudly describes his team as the best in the world, emphasising the importance of diversity in backgrounds and expertise. The bank has adopted a unique hiring strategy that balances seasoned professionals with newcomers who bring fresh perspectives.
“We have team members with over 20 years of experience, but we also hired individuals without prior payments industry knowledge who have become some of our most productive employees,” Barisaac says. He explains that the diversity of expertise has helped the bank spot connections and opportunities that others might miss, making it more agile and innovative.
According to Barisaac, the bank’s strategic transformation is not just about restructuring or adopting new technologies – it represents a fundamental shift in how UniCredit perceives and approaches business. “Today, in our organisation, diversity is how we are different in the way we see and conduct the business,” he says.
