PostFinance Ties with Swissquote for Digital Bank Launch

Swissquote, an online Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, and PostFinance, Switzerland’s fifth largest retail bank, have extended their partnership to launch a joint digital banking application.

According to Wednesday’s official announcement, the two financial institutions already signed a letter of intent to launch the joint venture as the digital platform is aimed for a launch in the market in the next year.

The financial services unit of Swiss Post first unveiled its plan to launch a digital banking app in September, and now it has decided to team up with the Swiss Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platform. The bank then highlighted the impotence of the digital transformation of financial institutions.

Notably, the two are already partners in other areas of financial services for several years. The online trading offering of PostFinance is based on the services of Swissquote.

The Swiss bank is currently in the process of receiving regulatory approvals and will reveal further details on the upcoming services in the first half of next year.

The Rise of Digital Banks

PostFinance is launching the digital banking platform when neobanks are getting a massive boost globally. The rise of platforms like Revolut, N26, and Monzo has already cut down the retail business of big banks, and now many banking giants, including JP Morgan Chase and Credit Suisse, are also set to go digital.

Swissquote highlighted that the launch of a digital bank is a key element in its strategy as it is “the next logical step to develop its wide range of services.”

As detailed earlier, the upcoming digital bank will offer both free and paid services, similar to many of its competitors.

PostFinance has already initiated the development of the banking application, and now the two companies will further refine it as a part of the joint venture.