Success story: international private bank

International private bank

Innovative spirit meets technological expertise: PASS digitizes a private bank

From payment transaction processes to online banking and cryptocurrency trading – PASS Consulting Group accompanies the institution, which is under Swiss supervision, on its international journey of digitalization and growth. The topic of cryptocurrencies in particular is increasingly coming into focus. 

The starting point for the collaboration was the digitalization of payment processes through the implementation of automated payment workflows: In future, payments received by the bank were to be processed with IT support. This includes checks to determine whether the notified payment is executed directly or forwarded to other instances, such as the commercial department, for further processing. If the assessment is positive, the payment data is released and transferred into the core banking system. 

Whereas in the past, each payment transaction had to be checked manually and assigned to the right place, the process is now fully automated: the system controls it based on rules within milliseconds. This significantly reduces effort and increases process quality by reducing the likelihood of errors. Additionally, traceability and audit compliance are improved. "Thanks to the new workflow, the customer benefits from significantly increased efficiency, and we laid the foundation for further cooperation through the convincing implementation. In the meantime, we have expanded the workflow to include several channels and jointly advanced the topics of online banking and cryptocurrency trading and management", says Ole Barkmann, Head of Business Development Banking at PASS.

Online banking continues to expand

The next step was to focus on the topic of online banking, on which PASS has already conducted numerous comparative market studies. Based on the standard online banking framework, PASS developed a customized system that also takes into account the complex structures of institutional customers. Building upon market studies, the ISO 20022 payment transaction standard and technological developments, PASS gradually enhanced the online banking platform over time by adding a key account and PSD2 interface, digital application channels for onboarding new customers and securities trading capabilities. To ensure secure authentication of bank customers, PASS also provides a push TAN app. Since the latest release, financial intermediaries can now also trade cryptocurrencies, with price developments integrated via a Bloomberg interface, for example. 

Wallet for cryptocurrency trading

PASS has created a digital wallet especially for cryptocurrency trading. In addition to buying and selling cryptocurrencies, the main focus of the app is the transfer of money in various currencies (e.g. CHF, EUR, USD, GBP). 

"In recent years, cryptocurrency trading has increased significantly in volume and our customer's requirement is to provide a platform with an appropriate level of security", explains Barkmann. Therefore, an administration portal was jointly set up with the aim of fully automating cryptocurrency transaction processing. Functionalities include:

  • customer and user administration
  • wallet management
  • deposit and delivery of cryptocurrencies
  • buying and selling cryptocurrencies
  • validation
  • staking
  • reporting
  • settlement 

The portal is constantly being further developed in close cooperation with the customer, thereby continuously increasing the level of digitalization and integration in back-end processing. The goal is to quickly and easily offer new products in cryptocurrency trading and thus position the company as an attractive partner in this field.