Leading private banks join WECAN Comply

Since the enforcement of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) in Switzerland, banks and independent asset managers have to deal with an increase in the number and complexity of regulations. The Swiss startup Wecan Group in collaboration with a dozen of Swiss banking institutions and about fifty external asset managers built the Wecan Comply platform to simplify the hundreds of daily interactions between banks and independent asset managers, reduce the workload related to all compliance processes and sharing of information in real-time. The solution enables cost savings on compliance management estimated between 35 and 60% for banks and asset managers.

With the entry of leading private banks such as Lombard Odier, Pictet, Edmond de Rotshchild, Capitalium Advisors, Reyl and Hyposwiss, among others, Wecan comply welcomed the first participants to the platform.

Simplifying exchanges thanks to technology
Today, compliance documents are stored by banks in a heterogeneous way. Each entity uses its own tools and standards. The exchange between platforms is impossible and the updating of data is complex. The mutualization of means, the simplification of information sharing and the quality of this data are key issues in regulatory issues.

"The pooling of resources, the simplification of information sharing and the quality of this data are key issues towards constantly changing regulations" explains Michel Longhini, Head of Private Banking at Edmond de Rothschild. "Wecan Comply answers effectively to these challenges. Independent asset managers are a very important segment for Edmond de Rothschild. Thanks to distributed register technology, exchanges with them are more agile and fluid throughout the process. The savings in time and resources are obvious and we are delighted to join, along with other founding members, this truly innovative project which guarantees the security of exchanges and compliance with the best regulatory standards.”

"For Reyl & Cie, being a simple banker is not enough. We strive to be a true partner by offering innovative solutions, and this is why Wecan Comply solution is extremely relevant to us" comments Stephan Aepli, Head of External Asset Managers at Reyl & Cie.

(Press release / RAN)