Relio selects SaaScada to help build digital payment accounts designed for complex business
SaaScada’s API driven core banking engine will allow Relio to create feature-rich digital accounts for businesses at a fraction of the time and cost.
London, 26 January 2023 – Cloud-native core banking engine, SaaScada, today announced it was selected by Relio to underpin its disruptive Swiss business digital payments offering, which is set to launch later this year. Relio’s digital payments account will provide tailored solutions that enable businesses with unique challenges – including those with international activities, foreign owners, or complex business models – to set up a digital payment account with a Swiss IBAN.
Relio’s platform will largely automate AML (Anti-Money Laundering), KYC (Know Your Customer), transaction monitoring, and compliance processes. This means even the most complex business can open an account online in just a few clicks. The feature-rich offering requires no minimum deposit, so customers can get started right away. Key features will include separate currency wallets, physical and virtual employee cards, plus slick integration with business and accounting tools.
“Relio’s mission is to provide a premium digital payment offering to businesses whose complex needs aren’t met by other providers. But, to deliver a first-class digital solution while navigating compliance and complexity challenges, we needed a great technology foundation that was flexible, affordable, and scalable. This made SaaScada the best choice,” explains Lav Odorovic, CEO at Relio.
“As a start-up, we calculate in days and weeks, not months and years – and need to bring our offering to customers quickly and on budget. SaaScada has broken the mould: it’s so different to the legacy players that charge millions. It’s cost effective and is supporting us in bringing innovation to the market at a speed that hasn’t been possible before. SaaScada’s exceptional project team is also proving invaluable, offering excellent industry and core banking knowledge, while sticking to tight timelines and delivering on their promises,” continues Odorovic.
SaaScada’s API driven approach is giving Relio a best in class, plug and play, core banking solution that simplifies and accelerates the cost-effective development of new products and services. At the same time, it allows Relio to deliver personalised services for every customer by tracking every payment across multiple accounts and creating an accurate customer profile.
Instead of relying on static data sets, SaaScada’s event-sourcing architecture will help Relio to create a real-time stream of events for each customer account, drastically improving visibility. These event streams can be used to create custom data sets, allowing Relio to build bespoke products for customers quickly.
Event sourcing can improve the accuracy and timelines of compliance demands, generating instant reports and meeting KYC requirements. Relio will also be able to harness a customer’s event stream to make accurate, real-time decisions in areas like transaction approvals.
“We are delighted to be working with Relio because we share the same philosophy; that banking is not one-size-fits-all. By helping to launch a customisable and feature-rich business payment solution, we can present underserved businesses with complex needs the support they need to succeed. With SaaScada taking care of the back end, Relio will be able to analyse customer data to better understand and serve its customers, build new services and offerings, and meet compliance demands,” explains Nelson Wootton, Co-founder and CEO at SaaScada.
Relio is developing a Swiss digital payment account specifically for SMEs. In the Swiss financial center, many companies struggle with bureaucratic hurdles when opening an account and throughout the entire banking relationship. Relio’s technological platform allows compliance to be largely automated. As a result, even complex companies can open a business account with a Swiss IBAN with just a few clicks. The startup was launched in December 2020 by Lav Odorovic. He previously built the German challenger bank Penta as founder and CEO. With Relio, he now aims to drive digitalization in the financial industry in Switzerland.