Dukascopy Bank and Clear Junction have partnered to provide licensed electronic money institutions and payment institutions with a one-stop solution that satisfies their banking and payment needs. The partnership demonstrates how different organisations can work to complement one another.
For some time now, Clear Junction has been providing licensed financial institutions (FIs) with payments solutions that enable them to realise their growth ambitions. All too often, electronic money institutions (EMIs) and payment institutions (PIs) struggle to access the services they need to operate in an effective and efficient way. Traditional banks often refuse to work with payment operators – either because of a reluctance to enter into what they perceive to be ‘risky’ arrangements, a lack of expertise, or a combination of the two.
However, given the nature of the requirements that many financial institutions have – specifically the need for payments and banking solutions that work in harmony – businesses often have to source services from multiple providers. This complicates the processes involved in operating effectively and efficiently, taking more time and effort, as well as increased costs.
A ONE-STOP SOLUTION
It is therefore exciting news to announce that Clear Junction is teaming up with Dukascopy Bank to provide licensed EMIs and PIs with a one-stop solution for their banking and payment needs. The partnership enables both Clear Junction and Dukascopy Bank to focus on the specific areas we both excel at: Clear Junction will provide exceptional and comprehensive payment services, while Dukascopy Bank will provide Swiss-quality safeguarding accounts.
Dukascopy Bank, founded in 2004, is an innovative online bank based in Geneva, Switzerland. By utilising proprietary technological solutions, the team there is able to provide exceptional banking and other financial services to clients around the world. Alongside its Swiss base, Dukascopy Bank has offices in Tokyo, Riga and Hong Kong, employs more than 300 staff and is regulated by the Swiss Financial Market Supervisory Authority FINMA.
BENEFITS TO INSTITUTIONAL CLIENTS
It is said that sometimes the whole is greater than the sum of its parts and the new partnership between Clear Junction and Dukascopy Bank is a prime example of this. One of the core client offerings from Dukascopy Bank is its safeguarding accounts, which enables EMIs and PIs to keep their clients’ funds separate from their operational funds as prescribed by PSD. By joining forces with Clear Junction, the clients that utilise safeguarding accounts are able to access the wide range of payment rails that we can provide.
This partnership therefore enables our mutual institutional clients to benefit from efficient cash management when balancing the funds between both Clear Junction and Dukascopy Bank. “We are delighted to enter into this collaboration with Clear Junction and add such a well known and reputable company to Dukascopy Bank’s ecosystem,” says Dr Alexander Suhobokov, Head of Fintech and Senior VP. “Our existing and prospective mutual clients will greatly benefit from the integrated combination of safeguarding and payments – and the model will contribute to the simplification of their operations while improving compliance with safeguarding regulation requirements – a burning topic among regulators.”
“It is a genuine honour to partner with a Swiss bank and we are delighted that this new arrangement is with Dukascopy Bank,” says Dima Kats, CEO of Clear Junction. “Servicing licensed financial institutions has been our only goal from the very beginning and this partnership is another step forward in offering our clients increased operational efficiency. Ultimately, the partnership between Clear Junction and Dukascopy Bank will enable more FIs to transact efficiently with each other and with the existing client communities of our organisations.”
CONTINUOUSLY MOVING FORWARD
The Clear Junction team works tirelessly to identify new commercial opportunities that enable us to enhance our existing service offering and improve the benefits to new and existing clients. The mutually beneficial arrangement with Dukascopy Bank is a great example of how two financial institutions can come together to complement their respective products and services.