Swiss banking software providers thriving

NetGuardians is among a number of companies active in the Lake Geneva region that are rising to the task of meeting the financial industry’s needs for effective banking software. An article in "PME magazine" points to the financial crisis to explain the success of these providers, which in addition to NetGuardians, include T24 creators "Temenos", and "ERI", makers of the Olympic platform.

During the financial crisis, banks cut back on their budgets and their suppliers, including software companies, had to develop a certain agility to survive. The best software providers were therefore prepared when Swiss banks began coming back to them for help to rapidly meet stringent new regulations arising in the wake of the crisis. On top of the new regulations, banking software must now adapt easily to numerous developments in the financial world, such as mergers, partnerships and outsourcing of certain services.

Commercial opportunities go beyond Swiss borders. After proving their mettle in the high-profile world of Swiss banking, Swiss software companies are attractive to financial institutions in other markets. In particular, they are seeing success in newer markets including non-traditional financial institutions and those in emerging coues.

NetGuardians is a strong example of this last phenomenon. As creators of the innovative anti-fraud software "NG|Screener", NetGuardians is experiencing success in the emerging African market as well as in Asia. “Our Swiss clients use our software primarily for regulatory reasons,” explains NetGuardians CEO Joël Winteregg in the PME article. “African banks, however, are faced with greater numbers of fraud attempts. Our NG|Screener software is capable of both detecting suspect activity and conducting forensic analysis.”