UBS to roll out multi-banking offering across Switzerland
By Megha Bhattacharya
UBS announced that it has completed the pilot phase of its new multi banking function and will be rolling out the offering across Switzerland. UBS Multibanking is also expected to provide SMEs will full transparency of their accounts as well as allow them to execute payments debited from accounts with third-party banks directly in UBS E-Banking. The solution features a consolidated liquidity overview across all banks and currencies.
Andy Kollegger, Head Corporate & Institutional Clients International said, “We have purposefully pushed forward the development of UBS Multibanking with selected clients. The result speaks for itself: we are the first bank in Switzerland to enable all corporate clients to make direct payments debited from accounts with third-party banks worldwide with just one E-Banking login – a feature that was considered inconceivable just a few years ago.”
UBS Multibanking is based on the highly secure EBICS and SWIFT standard interfaces. EBICS is supported by almost all banks in Germany as well as an increasing number of Austrian banks. EBICS is specifically tailored to the needs of corporate clients with regard to data exchange (e.g., for signatory rights such as shared electronic signatures) and is also widely used for cost reasons.
Recently, UBS and Zurich collaborated to launch an upgraded version of the UBS Start Business, a one-stop-shop for banking and insurance products that is expected to be available from March 2020 onwards. The companies state that the offering includes a banking package with free capital payment and business account coupled with co-working opportunities, mentoring programs and insurance policies.
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