Bank Frick, Quantoz and BDO launch StableCoin as a Service for payment ecosystems. Together with the Dutch technology provider Quantoz, Bank Frick is launching a StableCoin as a Service (SCaaS) solution. Audit partner is with BDO one of the leading auditors in Switzerland. SCaaS is fully PSD2-compliant and enables its issuers to issue their own stablecoin and to integrate it easily into their existing systems. As a result, the issuer’s merchants and end customers benefit from a secure and stable token-based payment ecosystem.
Bank Frick is now offering intermediaries and enterprises an innovative SCaaS solution, which was developed with the help of the expertise of the Dutch Quantoz N.V. The offer is a Software as a service solution based on Quantoz‘ established NEXUS technology. It enables issuers to issue their own stablecoin in a closed ecosystem.
„Our SCaaS solution is particularly suitable for issuers who process large volumes of payments on a daily basis, such as merchants and their end customers,“ says Julien Hawle, Head Blockchain Lab at Bank Frick. „With our SCaaS solution, the participants in such an ecosystem benefit from lower transaction costs and fees as well as a ready-made setup that can be seamlessly integrated without the need for technical expertise.“
Quick integration into existing processes
The integration of the SCaaS solution into existing business processes and systems is carried out in compliance with regulatory requirements. Enterprises thus become issuers of their own stablecoin and provide their trading partners and their end customers with a closed and token-based payment ecosystem. The stablecoin is linked to a fiat currency such as the Euro or Swiss franc at a guaranteed exchange rate and deposited at a ratio of 1:1, thus ensuring price stability.
Lower transaction costs and enhanced customer retention
EU issuers do not need an e-money license for SCaaS as it is a closed system. Moreover, the use of a Software as a Service solution that has been tested in practice means that no internal development costs are incurred. For their part, merchants within the SCaaS ecosystem benefit from lower transaction fees and attractive customer lock-in effects – e.g. through the integration of loyalty programs.
Compliance and safety first
In addition to its smooth implementation, the SCaaS solution enables fully auditable accounting of all fiat and token payments – transactions are always traceable. BDO, one of the leading auditing, trust and consulting firms in Switzerland, is responsible for auditing. The intuitive user interface also requires no technical expertise and minimizes operational risks.
„Based on the globally recognised ISAE 3000 standard, the audit report confirms the parity of the fiat currency deposited with the issued tokens. Issuers gain additional trust through the optional audit report, which is to be carried out periodically, from which their payment ecosystem also benefits“, Markus Hug, Head IT Audit and Consulting FS and Head Fintech of BDO Switzerland, is convinced. „After all, trust is an essential building block for this innovative service.“
Quantoz provides the technical infrastructure for the SCaaS solution and takes over all technical clarifications and individual adjustments for the issuer in advance. Bank Frick offers the necessary banking services and keeps the deposited fiat currencies in safe custody.
The provision of a closed ecosystem for token-based transactions, which can be seamlessly integrated into business, compliance and accounting processes, is unique in this form.
Henri de Jong, co-founder and Chief Business Development Officer of Quantoz, is also convinced of the joint SCaaS offering:
„Quantoz has focused on the interface between the classical financial world and blockchain technology from the very beginning. The cooperation with Bank Frick was therefore the logical step for us in the further development of our products and services. We are proud of our joint development and the strong partnership behind it.”