Piraeus Bank actively participates in the implementation of the construction of the Trans Adriatic Pipeline (TAP), the natural gas pipeline from Azerbaijan to Europe via Greece.
Piraeus Bank as the Greek banking partner of TAP consortium participates in the long and demanding procedures, which are necessary for the materialization of this highly complex project. Cooperation with TAP has started in early 2015 when Piraeus Bank was selected through a competitive bidding process carried out by the consortium.
An important part of the project is the payment of compensations to all owners and land users who are affected by the pipeline’s route in Northern Greece. Piraeus Bank has made available to the consortium, its expertise in the payments area, and the extensive network of branches in Northern Greece in order to ensure uninterrupted payment of compensations to over 12,000 beneficiaries, owners and land users.
Payments of compensations to the beneficiaries relate to various forms of agreements between the two parties such as the purchase of land, temporary use of land, land lease, land easement etc.
Piraeus Bank’s experience in offering superior service to its individual customers provided comfort that the payment process would run smoothly, a parameter of particular sensitivity to TAP.
The complexity of the project and the international nature of parties involved, developed the need for full customization of implemented solutions.
The implementation of this project adds to the Bank’s expertise in supporting its customers in carrying out their business aspirations.
It is worth to mention that payment services of Piraeus Bank have been recognized and awarded worldwide. In addition, Piraeus Bank is the first certified bank in Southeast Europe in accordance with the PCI DSS standard [Payment Card Industry Data Security Standards] while it has been certified according to the TUV ISO / IEC 27001: 2013 Information Security Management System Standard.