Swissquote will be rolling out the Swissquote Multi Currency-Mastercard in June 2018 (in cooperation with SIX), making it one of the first banks to do so. The cooperation between Swissquote and SIX has resulted in an extremely innovative product, as Swissquote customers can use this card to pay in up to twelve currencies throughout the world; the charge and payment on the credit card statement is then made in the same currency. This eliminates the unfavorable conversion into Swiss francs or euros. It is particularly attractive for cardholders who regularly make purchases in a foreign currency. Swissquote covers the following 12 currencies: AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, SEK, and USD. It’s an ideal product for Swissquote customers who trade in foreign currency online and thus often have multiple accounts in different currencies. The new multi-currency card is therefore a valuable addition in the range of services for Swissquote customers.
Innovative partner for banks
User-friendly card management is the key to success when it comes to introducing new card products. Choosing an experienced outsourcing partner is therefore crucial. Swissquote opted to go with SIX for the product’s technical implementation. Lino Finini, Head of Back Office & Banking Applications, Director and Member of the Senior Management of Swissquote, explains the decision to choose SIX and their experience: “We screened the European market and wanted a partner who could reliably support our brand-new and innovative product. SIX is the largest processor of debit cards such as Maestro and V PAY in Switzerland, and has been successful in issuing processing for numerous international banks for decades. The expertise, service, and tailor-made solutions that SIX offers is what won us over. We are particularly proud of the Swissquote App, for which we were able to develop a tailor-made solution for our customers that’s based on the web services that SIX offers.”
A package full of individual solutions
Mastercard’s multi-currency credit card is available in silver and gold. SIX provides Swissquote with the necessary license for issuing cards. Swissquote therefore benefits from considerable savings with respect to costs and effort.
Technical processing is carried out via SIX’s efficient, state-of-the-art processing platform. SIX also offers comprehensive modular services that enable banks to organize their card business according to individual needs and requirements. As such, Swissquote outsources operational support to SIX in customer service and other activities such as chargeback and fraud.
Andrej Eichler, Head of Financial Industry Services at SIX, is pleased that SIX is once again processing credit cards in Switzerland, its home market. “We are extremely happy to have Swissquote on board as a new credit card processing customer in Switzerland. The Swissquote Multi Currency-Mastercard is an attractive product, and this cooperation shows that our customers see SIX as a reliable and strong partner for their card business.”