Valiant will be providing SMEs with the ability to manage their liquidity centrally and is thereby taking a pioneering role in the Swiss finance industry.
Until now companies had to make a considerable effort to maintain an overview of their liquidity across several accounts held at different banks, in different currencies. Furthermore, due to their complexity and high costs, multi-banking solutions were only available to large companies.
In collaboration with Contovista and Swisscom, Valiant now offers a solution which will gradually be rolled out to all business customers from autumn onwards. Using the multibanking module — an extension of Contovista’s Business Finance Manager (BFM) — it will be possible to link third party accounts in e-banking, providing an overview of all connected bank accounts. In this way, SMEs can manage their liquidity across all connected accounts in a user-friendly way via a central financial cockpit.
Valiant is taking a pioneering role in the Swiss finance industry
This innovative approach makes it possible for the first time in Switzerland to directly manage liquidity through a single, central bank access point. In addition to the aggregation of accounts held by the company with other banks, they will also be able to make quick and easy transfers between these accounts. In this way SMEs can have an overview of all bank accounts through one bank access point and can manage their liquidity including financial projections. This will significantly decrease workload for managing and controlling a SME by increasing efficiency in day-to-day operations.
This is made possible by the use of an open standard, which is usually used to link the bank account to an accounting system. In the case of Valiant, the Swisscom’s EBICS as a Service is used to exchange data with third-party complying with the highest security standards.
In the course of opening up bank data to third parties (open banking), in the future banks will face the strategic challenge of relying on the right standards for their purposes. In addition to the established connection options (EBICS, etc.), further API solutions are already in the starting blocks. Contovista therefor ensures that the integration of third-party bank data is flexible and standard-independent.
Christoph Wille, Head of Distribution Channels — Member of the Management Board at Valiant Bank AG, explains: «With the multibanking service we are responding to the high demand from our business customers for a comprehensive overview of their accounts with Valiant and with other banks. In combination with our new Business Finance Manager, we are offering a service which is currently unique in Switzerland, providing SMEs with a simple way to control their finances and liquidity across banks. At present, this represents a clear differentiating factor and strengthens our position as a modern SME bank. »
Gian Reto à Porta, CEO and Co-founder of Contovista, adds: «Control and planning of liquidity is key for every company. The multibanking BFM extension allows cashflow analysis directly in the banks portal and displays the current liquidity together with a liquidity forecast — across all accounts in one central financial cockpit. Banks which are able to offer such a solution will inevitably have a significant competitive advantage. »
Stefan Reitbauer, Head Product Management Banking of Swisscom says: «Together with our partners Contovista and Crealogix we have been able to provide Valiant Bank AG with an integrated solution for multibanking within a very short time. We are pleased that our solution forms an important building block of this new offering. »
About Contovista — Delightful Banking
Contovista enables data-driven banking. Our white-label software and data analytics services allow financial institutions to optimize their digital banking experience and gain actionable customer insights. We help to understand, engage and serve customers better based on the enrichment of financial data and machine learning. This empowers organizations to increase customer retention and share of wallet. Contovista is headquarted in Zurich, Switzerland. www.contovista.com