Relio partners SaaScada for digital payments offering

Friday 27 January 2023 11:21 CET | News

Cloud-native core banking engine SaaScada has partnered startup Relio to support its disruptive Swiss business digital payments offering, set to launch later in 2023.


Based on information provided in the press release, SaaScada’s API driven core banking engine will enable Relio to create feature-rich digital accounts for businesses. The digital payments account will offer tailored solutions for businesses with unique challenges, including those with international activities, foreign owners, or complex business models, looking to enable them to set up a digital payment account with a Swiss IBAN.

Relio’s platform and how the partnership falls into place

As per the announcement, Relio’s platform will largely help automate anti-money laundering (AML), know your customer (KYC), transaction monitoring, and compliance processes, which means that even complex businesses will be enabled to open an online account in a matter of a couple of clicks. As the offering has no requirement for a minimum deposit, customers can get started immediately, with key feature of the offering set to include separate currency wallets, physical and virtual employee cards, as well as easy integration with both business and accounting tools.

Lav Odorovic, CEO at Relio, stated that the company’s mission is that of providing a digital payment offering to businesses whose complex needs are not met. However, to be enabled the delivery of such a digital solution, while also navigating compliance and complexity challenges, the company saw a need for a technology foundation that was flexible, affordable, and scalable, which prompted them to select SaaScada as the most appropriate choice. SaaScada is cost-effective and supports the company in bringing innovation to market efficiently, while also providing industry and core banking knowledge.

What is more, SaaScada’s API driven approach provides Relio with a plug and play, core banking solution that helps simplify and accelerate the development of new products and services, while simultaneously enabling Relio to deliver personalised services for each customer by tracking every payment across multiple accounts and creating an accurate customer profile.

Cloud-native core banking engine SaaScada has partnered startup Relio to support its disruptive Swiss business digital payments offering, set to launch later in 2023.

As an alternative to relying on static data sets, SaaScada’s event-sourcing architecture is set to help Relio with creating a real-time stream of events for each customer account, which is believed to help improve visibility. Furthermore, the event streams cand be used to create custom data sets, which allows Relio to build bespoke products for customers in a quick manner. Event sourcing is believed to help improve the accuracy and timelines of compliance demands, generating instant reports and meeting KYC requirement. Additionally, Relio will also be able to leverage a customer’s event stream to make accurate, real-time decisions in areas of the likes of transaction approvals.

SaaScada representatives commented on the partnership and advised that they are looking forward to working with Relio as they share the common philosophy that banking is not ‘one-size-fits-all’, and that by assisting in the launch of a customisable, feature-rich business payment solution, they can offer underserved businesses with complex needs the support required to succeed. As SaaScada will have a focus on the back-end, Relio will be enabled to analyse customer data to understand and serve its customers better, build new services and offerings, and meet compliance demand.

SaaScada, Relio strategy and offering

A cloud-native core banking engine, SaaScada helps organisations unlock customer value, mitigate risks, and drive real-time data and insights. The company helps simplify and accelerate the process of developing new services, enabling the launch in months instead of years, in a cost-effective, compliant, and secure manner.

Launched in December 2020, Relio aims to develop a Swiss digital payment account that is targeting SMEs specifically. As per press release information, a multitude of companies in the Swiss financial centre struggle with bureaucratic complexities when opening an account and throughout the entirety of the banking relationship. Having this knowledge at its basis, Relio’s technological platform allows for compliance to be largely automated, looking to enable even complex companies to open a business account with a Swiss IBAN.

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Keywords: partnership, digital payments, API, SMEs, cloud, banking, IBAN, digitalisation, data, compliance, automation, digital wallet
Categories: Payments & Commerce
Companies: Relio, SaaScada
Countries: Switzerland
This article is part of category

Payments & Commerce




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