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- Finnova and cleversoft launch product partnership to meet FinSA requirements for regulatory documents
2020-07-07 06:30 -
Munich / Lenzburg, June 18th, 2020 - Finnova integrates cleversoft's docRepository™ service in the Finnova Banking Software to serve banks regulatory need for pre-Trade compliance documents with access to cleversoft’s holistic solution via a standard interface. With this integration, Finnova not only responds to the regulatory requirements of the Financial Services Act (FinSA) but also to the industry's demands for further digitization of processes.
The powerful cleversoft docRepository™ is seamlessly integrated as a business process into Finnova's banking software to deliver the required document types. This enables Finnova's clients to provide their banking customers with the documents required by the regulatory authorities for all asset classes and product types centrally.
The cleversoft docRepository™ is a modular service application for the procurement and provision of regulatory documents and mandatory publications of issuers and product manufacturers to meet the requirements of the FinSA, the Eurpean PRIIP Regulation, the UCITS Directive or also for information sheets according to the regulations of the German Securities Trading Act.
"We look forward to expanding our range of RegTech solutions together with cleversoft," says Dejan Pilav, Product Manager Compliance at Finnova. "cleversoft with its 15 years of RegTech expertise fulfills our strategy as a state-of-the-art solution provider. In particular, the breadth of issuer coverage is crucial for Finnova's banks and this is what convinced us to choose cleversoft. By integrating this modern platform, we can not only provide our joint customers with comfort regarding the compliance of regulatory documents, but also minimize the effort for them in setting up and operating the solution".
Torsten Lange, responsible for Partner Management at cleversoft, explains the reasons for the product partnership: "Seamless integration with Finnova Banking Software is the logical step for us to offer regulatory documents directly at the point of sale through a turnkey solution to our joint customers. By offering a comprehensive regulatory service, Finnova acts as a pioneer for its customers. We are very pleased to be able to lay the foundation for easy and direct integration of future regulations into Finnova".
- ti&m and Finnova form strategic partnership
2020-06-10 15:00 -
Zurich and Lenzburg, 10 June 2020 – ti&m and Finnova have entered into a strategic partnership to collaborate on the Portal as a Service. With the Portal as a Service, the banks of the Finnova Community can extend their e-banking with a digital client portal. The platform enables appointments to be arranged online, digital documents to be exchanged securely, chats between clients and advisors, self-onboarding, as well as personalised client contact and submission of offers.
The advantage for banks is that Finnova provides the portal centrally as a service. This decreases development time as well as significantly decreasing both the initial costs for the setup and the operating costs for banks. This allows them to provide their clients with further digital services quickly and virtually risk-free. Furthermore, the Portal as a Service offers an open ecosystem for services. Other fintech companies from the comprehensive Finnova ecosystem and the banks' ecosystem can incorporate further functionalities into the Finnova portal in the form of widgets. The portal is integrated into the Finnova Core Suite via the Finnova Open Platform, just like other digitalisation products from Finnova or other fintech companies. This enables cross-channel data and process orchestration.
Finnova will be responsible for operation, application management and core integration via the Finnova Open Platform. ti&m will contribute product components from the ti&m channel suite as well as extensive expertise in the building of portals, and in front-end development, UX and design to the project.
"ti&m was our first choice for developing the Portal as a Service. ti&m has considerable experience in such complex projects, knows the underlying technologies very well, and the team also impressed us. We are very satisfied with the outcome, and we hope to be able to make a significant contribution to the digital transformation of our customers with the Portal as a Service," says Hendrik Lang, CEO of Finnova. "Several banks, including the pilot customer Obwaldner Kantonalbank, have already opted to take advantage of our new portal offer, on the one hand due to the benefits that take effect rapidly, and on the other hand due to the high degree of fulfilment of needs of both the current and planned solution."
"The partnership with Finnova for the Portal as a service is of strategic importance for ti&m. The Portal is one of the most innovative solutions on the Swiss market and enables the Finnova banks to handle their client relationships in a modern and digital manner. With the Portal as a Service based on the ti&m channel suite and the Finnova Open Platform, ti&m and Finnova offer a trendsetting way for banks to be able to tap into the potential of innovative fintech solutions – all in an open ecosystem that is easily and quickly accessible," highlights Thomas Wüst, CEO and company founder of ti&m.
- SIX extends DocHub platform reach through Finnova
2020-06-04 07:35 -
SIX, the Swiss financial data expert, announces that DocHub, the Regulatory Document Hub from SIX, is available as of today to the wider Swiss financial market through Finnova, a leading Swiss provider of software and services.
DocHub is a fully automated platform that connects product manufacturers with distributors to ensure Key Information Documents (KIDs) and other regulatory documents are available digitally, are up-to-date and correct, in clients' e-banking and core banking systems. It is one of the largest document platforms available in the financial market, covering 6.5 million instruments through over 30 million documents from more than 950 manufacturers.
Via DocHub, over 100 Swiss banks utilising Finnova’s core banking software will now be able to get access to documentation they need to remain compliant with FinSA, the Swiss regulatory counterpart of PRIIPs and MiFID II Investor Protection. Banks with access to DocHub will have a competitive advantage, meeting the requirements of recent and future investor protection regulations with one platform.
The expansion of this partnership follows a longstanding working relationship between SIX and Finnova, with both entities signing a partnership agreement to formalise the integration of the DocHub platform and further support their clients’ needs.
Dr. Ralf Rühling, Senior Product Manager, Financial Information, SIX, highlighted: “With regulatory pressure on Swiss banks constantly growing, the need for better access to correct and up-to-date key investor protection documents has never been greater. We are delighted to offer DocHub to a larger number of Swiss banks through our long-time partner Finnova. With our DocHub platform connected to Finnova, Swiss banks will have access to a deep pool of up-to-date documents that will be fully integrated and automated into their client advisory systems. This will be crucial in cutting down on their administrative burden to remain compliant, allowing them to focus on their core business.”
Dejan Pilav, Product Manager Compliance, Finnova, added: “We are proud to build upon our existing partnership with SIX by providing our core banking software clients with access to DocHub. This innovative documentation platform will allow clients to take steps towards being compliant faster and easier. An important factor for our clients is that there is no additional set-up required on their side, allowing them to make full use of the benefits of DocHub while avoiding any additional risk or administrative costs.”
- InCore Bank launches access to digital assets
2020-06-03 00:00 -
Zurich/Schlieren, 29 May 2020 — The Swiss Financial Market Supervisory Authority FINMA has authorized the transaction bank InCore Bank to trade, hold, transfer and generate (tokenize) digital assets. This makes InCore Bank the first Swiss business-to-business bank to offer financial service providers and institutions worldwide easy and secure access to a new and forward-looking asset class. Maerki Baumann is the first customer bank to be ready for launch.
The Swiss Financial Market Supervisory Authority FINMA has authorized InCore Bank AG, headquartered in Zurich-Schlieren, to expand its range of services with immediate effect to include brokerage, custody, transfer and generation of digital assets.. InCore Bank is thus the first traditional Swiss business-to-business bank positioned in this new digital asset class. Financial service providers and institutions worldwide can rely an InCore Bank without concerns about possible conflicts of interest, as the renowned service organization does not provide services to end customers.
As digital assets, crypto-currencies are a valuable extension of modern asset management and will become an indispensable payment and investment value in the future. In addition, other, previously "non-ban kable" assets can also be represented as digital assets by means of security tokens. As this area will increase enormously in importance, InCore Bank is proud to play a pioneering role in this field.
As an established transaction bank in Switzerland, InCore Bank benefits from long-term experience in banking and in-depth knowledge of applicable regulations and processes. lt thus offers financial service providers and institutions a secure access to the world of digital assets. «Our clients benefit from the expansion into this new asset class at a stroke, without the need to invest in infrastructure and new processes themselves. This while maintaining our customary safety standards. This is how we bridge to traditional asset classes », states Mark Dambacher, CEO of InCore Bank.
Uniting the old and the new world
InCore Bank has a well-established team of banking and compliance experts who are able to serve both worlds - traditional and digital asset classes - and offer their clients a full range of services from one source. «Since the digital assets are entirely integrated into the core banking system, the end customers benefit from a user experience ranging from e-banking to asset reporting, as they are used to in the traditional banking world», explains Mark Dambacher.
New division Digital Services
In recent months, the newly formed «Digital Services» division of InCore Bank has built up the strategic project to introduce these new services. «We guarantee a ful l segregation of crypto client assets on individual wallets, whereby no additional capital requirement of the client bank is required.», explains Daniel Blatter, Head of Digital Services. InCore Bank also relies on well-proven solutions in the area of digital assets and is therefore cooperating with major partners from the crypto sector, in particular with the Swiss company Crypto Finance AG.
CEO & founder of Crypto Finance AG, Jan Brzezek, notes: «We are convinced it is only a matter of time before Bitcoin is part of a bank's standard product portfolio. InCore Bank took an early and consistent approach to this topic, and we were immediately able to implement our brokerage and custody infrastructure. For this reason, InCore Bank is now in the strong position as the first transaction bank to offer its customers this access quickly and easily.»
Maerki Baumann St Co. AG is the first client
As its first client in the area of digital asset classes, InCore Bank was able to acquire the long-standing client bank Maerki Baumann & Co. AG, whose parent company holds a stake in InCore Bank. «The services offered by InCore Bank fit very well with our crypto strategy, which aims to add digital assets to our private banking services. The successful cooperation with InCore Bank enables us to fully concentrate on our core competencies of investment advisory and asset management by outsourcing crypto trading and crypto custody services», explains Stephan Zwahlen, CEO of Maerki Baumann & Co AG.
The new digital asset classes are accessible to all financial service providers and institutions—even to those who are not on the InCore banking platform as outsourcing or transaction banking clients.
Creating digital assets
After launching services in the area of crypto currencies, Following the launch of services in the field of crypto currencies, InCore Bank will expand the brokerage, custody and transfer services to security tokens in a next step. In cooperation with its partner inacta AG, an independent Swiss IT consulting firm for information management and crypto assets, it is developing further services in the area of tokenization of assets. With the Security Token Services from InCore Bank, companies will be able to manage their securities more easily and cost-effectively and raise new capital. Here too, InCore Bank offers the full range of services from issuance, distribution, brokerage and storage.