ARIZON Sourcing AG Moves Financial Messaging to Bottomline Technologies’ Cloud
Traditionally, financial messaging has been hosted on premise, but the move by ARIZON reflects a shift in the financial services industry. Increasingly, both banks and non-bank financial institutions are recognizing the benefits of moving their financial messaging to the cloud.
For ARIZON, the business case for moving to Bottomline’s cloud was quickly apparent, as it offered both cost transparency and cost reduction. It also provides peace of mind for the future, as Bottomline’s team of experts manage system upgrades and regulatory changes.
Supporting all of ARIZON’s domestic (SIC) and cross-border (SWIFT) transactions, the Bottomline Swiss Service Bureau processes an average of 600,000 daily payments, rising to 2 million at peak. At those levels, it is potentially the largest number of transactions being conducted on the cloud by a single bank.
Bottomline’s cloud-based financial messaging solution, called GTExchange, provides banks, financial institutions and corporates with a single interface to manage financial messages in multiple formats. Highly scalable and secure, it is capable of handling millions of messages per day and is fully compliant with the highest Swiss financial regulations.
“Migrating our financial flows to an outsourced infrastructure was a strategic decision” says Markus Beck, Head of Business Technology at ARIZON Sourcing AG. “Going through a service bureau was a key step in both providing us with greater resiliency, flexibility and security, and reducing transaction costs for our customers.”
Beck continued, “As a provider for a systemic Swiss bank, we needed a partner who could provide a fully audited and accredited service bureau, with the deepest expertise in financial messaging to mitigate risk and comply with all Swiss regulatory requirements. Bottomline’s ability to deliver this mission critical migration in less than 6 months confirms that we made the right choice in picking the market leader.”
“This is a smart move by ARIZON” said Simon Kalfon, Financial Messaging Managing Director for Bottomline. “By opting for a cloud-based solution, ARIZON is leading the industry. By selecting Bottomline as their partner, they’re also setting the Swiss industry standard for control, transparency and proven service.”
About ARIZON Sourcing AG
ARIZON Sourcing AG is a joint venture of Raiffeisen Group and Avaloq and has been in operation since January 1st, 2015. ARIZON Sourcing AG was founded with the goal of building the most innovative retail banking platform in Switzerland for the Raiffeisen Group. In the process, we are creating a unique, integrated digital and physical client experience which merges all channels onto one platform.
Our very name reflects our core values. ARIZON is a combination of the words “arise” and “horizon”: terms that stand for forward thinking and innovation. Incidentally, the letters A and R also represent our parent companies: Avaloq, the leading international provider of integrated and comprehensive banking solutions, and Raiffeisen, the leading Swiss retail bank.
About Bottomline Technologies:
Bottomline Technologies (NASDAQ: EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.
Director, Marketing Communications