CoCoNet Partners With Raifeissen On B2B Payment, Cash Management

Raiffeisen, the third-largest Swiss banking group, has joined up with software provider CoCoNet to launch a payment and cash management service for companies, a statement says.

The statement says the service, set to debut next spring and marketed to businesses of any size, will come with a range of things including “standardized data exchange (EBICS), secure payment release (remote authorization), interbank retrieval of account information (multibanking), tools for liquidity planning and management (cash pooling) and creation of payment orders.”

There will be a customizable dashboard allowing users to select the offerings best suited for their needs, and customer self-service will also be available, according to the release.

Markus Beck, Head of Payment Transactions for Corporate Customers at Raiffeisen Switzerland, said the new collaboration would be implemented via CoCoNet’s MULTIVERSA products.

“After a thorough evaluation we have decided in favor of the MULTIVERSA products,” he said, according to the release. “In addition to the range of functions especially designed for corporate customers and the convincing front-end, the comprehensive EBICS expertise of the CoCoNet team was a decisive factor.”

Björn Hassing, CEO of CoCoNet, said the goal was to engender better ways for companies and banks to work together.

“We are very pleased to have won a new customer in Switzerland with the Raiffeisen Banking Group,” he said, according to the release. “With our products and services we want to continuously improve the cooperation between banks and their corporate customers. We focus on digitized processes and good usability.”

Switzerland has generally been ahead of the game in the world of digitizing payments, but other countries have begun looking at ways to speed things up. One of those is real-time settlements, which have done away with the need for batch settlements of the past, PYMNTS reports. Blockchain infrastructure can help link data to specific invoices, too, setting up possibilities for automation.