Yverdon-les-Bains, 28 April 2016 – Swissquote Bank has selected a solution by Swiss fintech innovator NetGuardians to ensure continuous controls for client data protection and regulatory compliance.
Swissquote Group is Switzerland's leading provider of online financial and trading services. With online security and regulatory compliance being key challenges for all Swiss banks, Swissquote is dedicated to protecting client data confidentiality and to ensuring transparency and compliance. To better achieve these goals, Swissquote Bank required a complementary control solution for their T24 core banking platform.
Swissquote selected the RiskGuardian solution by NetGuardians, a leading banking software company based in Yverdon-les-Bains. NetGuardians is recognized for its revolutionary solutions to control operational risk from business operations to IT. RiskGuardian includes the NG|Screener enterprise software platform along with predefined controls for specific regulations, such as the FINMA 2008/21 Appendix III regulation related to client confidentiality. It automates continuous auditing, saving time and reducing human error. Real-time alerts and automated reporting allow rapid intervention to any exception events and easy proof of compliance.
“We were won over by the NetGuardians solution on a number of levels,” says Marc Furrer, Swissquote Head of IT and Security. “The NetGuardians team took a consultative approach and was able to fully understand our needs. Their solution is designed specifically for rapid integration into our T24 system, so it was ready-to-go and easy to implement. On a daily basis, it offers a solid control with very straightforward management that gives us peace of mind.”
“As a fintech innovator we aim to bring added value to financial institutions,” says NetGuardians CEO Joël Winteregg. “It is estimated that Risk or Information Security Officers spend about 50% of their time manually capturing required data across the bank’s entire system to demonstrate compliance. Our RiskGuardian solution eliminates that hassle through predefined controls that ensure pertinent Big data capture, continuous auditing, and automated reporting – all of which ease compliance. Swissquote’s nod of confidence shows us that we offer true added value to them and to other Swiss banks.”
About Swissquote – The Swiss Leader in Online Banking
As a leading provider of online financial services, Swissquote offers innovative solutions and analysis tools to meet the wide range of demands and needs of its clients. As well as various online trading services, the user-friendly platform also provides solutions for eForex, ePrivate Banking, eMortgage and flexible saving accounts. In addition to a low-cost service for private clients, Swissquote also offers specialized services for independent asset managers and corporate clients.
Swissquote Bank Ltd holds a banking license issued by its supervisory authority the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association. Its mother company, Swissquote Group Holding Ltd, is listed on the SIX Swiss Exchange (symbol: SQN).
For more information about Swissquote, please visit www.swissquote.com
About NetGuardians SA
NetGuardians is a leading banking software company recognized for its unique approach to fraud and risk assurance solutions. Their software leverages Big Data to correlate and analyze behaviors across the entire bank system – not just at the transaction level. With pre-defined controls, NetGuardians enables banks to address specific anti-fraud or regulatory requirements. A controls update service ensures financial institutions benefit from ongoing protection in the face of the continually evolving risk challenges of a border-free world.
Founded in 2007, NetGuardians was the first company to emerge from the innovation incubator Y-Parc, in Yverdon-les-Bains, Switzerland. Since then, they have seen a steadily growing client base in Europe, the Middle East and Africa. In 2015, the company was named a Gartner “Cool Vendor” in the “Cool Vendors in Audit and Compliance Innovate Controls Validation Techniques” category.