Dukascopy Bank and Clear Junction launch one-stop solution for EMIs and payment institutions
“Our existing and prospective mutual clients will greatly benefit from the integrated combination of safeguarding and payments – and the model will contribute to the simplification of their operations while improving compliance with safeguarding regulation requirements – a burning topic among regulators.”
Dukascopy Bank and Clear Junction have partnered in order to provide a one-stop solution for licensed electronic money institutions and payment institutions that satisfies their banking and payment needs.
The partnership enables both Clear Junction and Dukascopy Bank to focus on the specific areas we both excel at: Clear Junction will provide exceptional and comprehensive payment services, while Dukascopy Bank will provide Swiss-quality safeguarding accounts.
“Simplification of their operations while improving compliance”
Alexander Suhobokov, Head of Fintech and Senior VP at Dukascopy Bank, said: “We are delighted to enter into this collaboration with Clear Junction and add such a well-known and reputable company to Dukascopy Bank’s ecosystem. Our existing and prospective mutual clients will greatly benefit from the integrated combination of safeguarding and payments – and the model will contribute to the simplification of their operations while improving compliance with safeguarding regulation requirements – a burning topic among regulators.”
Dima Kats, CEO of Clear Junction, said: “It is a genuine honor to partner with a Swiss bank and we are delighted that this new arrangement is with Dukascopy Bank. Servicing licensed financial institutions has been our only goal from the very beginning and this partnership is another step forward in offering our clients increased operational efficiency. Ultimately, the partnership between Clear Junction and Dukascopy Bank will enable more FIs to transact efficiently with each other and with the existing client communities of our organizations.”
EMIs and PIs can keep their clients’ funds separate
Traditional banks are often conservative when partnering with payment operators either because of a reluctance to enter into what they perceive to be ‘risky’ arrangements, a lack of expertise, or a combination of the two.
The nature of this business, however, requires harmonized relationships between payments and banking solutions, including establishing partnerships with multiple providers. This lack of access has been keeping many electronic money institutions (EMIs) and payment institutions (PIs) from accessing new markets and further expanding their business.
The one-stop solution offered by Clear Junction and Dukascopy Bank enables mutual institutional clients to benefit from efficient cash management when balancing the funds between both Clear Junction and Dukascopy Bank.
One of the core client offerings from Dukascopy Bank is its safeguarding accounts, which enables EMIs and PIs to keep their clients’ funds separate from their operational funds as prescribed by PSD. By joining forces with Clear Junction, the clients that utilize safeguarding accounts are able to access the wide range of payment rails that Dukascopy can provide.
