UBS Multibanking will help corporate clients in accessing third-party bank accounts in UBS E-Banking and, to make payments directly through single platform
UBS U.S. wealth management headquarters at Lincoln Harbor in Weehawken, New Jersey. (Credit: Arnapoli/Wikipedia.)
UBS has completed the pilot phase of its new multibanking offering and has commenced its gradual roll out across Switzerland.
UBS Multibanking is designed to provide SMEs with complete transparency over all their accounts and enable them to execute payments debited from accounts with third-party banks directly in UBS E-Banking.
The company claimed that it is the first and only bank in Switzerland to provide a comprehensive payment function such as its UBS Multibanking.
UBS international corporate and institutional clients head Andy Kollegger 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.”
According to the company, most of the Swiss companies have accounts with different banks, which makes it time-consuming for them to maintain an overview of their liquidity situation and to manage their accounts.
UBS stated that few Swiss companies have participated in the company’s pilot phase of multibanking offering, where the companies experienced multi-stage implementation process and offered valuable feedback to help launch the advanced solution.
UBS Multibanking is currently available to all small and medium-sized businesses (SMBs) in Switzerland, which could only be afforded by large corporations otherwise.
The advanced offering has been developed based on the highly secure EBICS and SWIFT standard interfaces.
EBICS is specifically customised to address the needs of corporate clients with respect to data exchange and is also widely used based on its cost-effectiveness.
Also, EBICS is supported by almost all banks in Germany along with an increasing number of Austrian banks and has become an important standard for the Swiss financial centre, with around 30 banks in Switzerland launching EBICS.
SWIFT is designed to connect international banks to multibanking and is a standard primarily intended for large companies.