Success Story: Viseca Card Services SA

“newERA” foreign exchange rate management

Viseca Card Services SA

For foreign exchange rate management, Viseca Card Services SA relies on “newERA”, a software solution based on Sowatec’s arregulo smart framework.

Success Story

Our customer and the project

With over one million cardholders relying on their products and services, Viseca Card Services SA (Viseca) is one of the largest Swiss issuers of prepaid cards and credit cards from the world’s leading brands Mastercard® and Visa.Viseca Card Services SA is managed as an independent division of the Aduno Group.

 

 

Details

  • Challenge

    Every day, Viseca settles a variety of card transactions in foreign currencies.  
    Ascertaining the correct foreign exchange rate to use in each case is critical. Rates have to be imported each day from financial information services in a traceable and auditable rate setting process. After a multi-stage process of checks and approvals, the rates are published or released to the operational processing systems.

  • Goals

    Our client was looking for a sustainable and scalable foreign exchange rate management software solution to replace their current out-dated system.
    The intention was to find a new solution for all the process steps from the import of exchange rates and their review through to their publication on the internal transaction system and customer’s platforms.
    For auditability, continuous process control and traceability also had to be ensured.

  • Solution

    Sowatec’s “newERA” is a web-based solution built on the arregulo software framework that was developed to comprehensively automate and support the foreign exchange rate setting process in an auditable manner.

What the system can do:

  • Editing currency-related master data, classifications and rules
  • Import of foreign exchange rate data - daily import of bid and ask prices (and calculated mean rates) from different data sources
  • Validate the imported data and track price movements based on business rules
  • Traceability of changes in the system – auditing possible at any time
  • Display / query exchange rate data with Excel export option
  • Triggering of classified alerts, which are checked, confirmed or overridden by the user prior to publication of FX rate data to internal systems
  • Export of processed foreign exchange rate data to other systems

Read an excerpt from the interview with Alexander Ginsburg, Head Payment Products at Viseca Card Services SA, about the project and the cooperation with Sowatec.

How has the foreign currency management process been managed so far?

We had a process with a low-level of automation. So there were a lot of manual activities and lots of effort involved and the process no longer met our quality standards.

 

What challenges did you have during the project?

The biggest challenge was defining the rules. The business rules had to be defined to keep the number of alerts triggered by the price deviation monitoring system at reasonable levels. If the rules are too loose they have no effect but if they are too strict you cannot cope with the flood of alerts.  Therefore, intensive cooperation was needed to find the right middle ground.

 

The project time frame was tight, with only six-months for the implementation. Was it all done to your expectations?

Yes. The support from Sowatec was very good. The currency constellations are sometimes quite complex, but Sowatec employees thought carefully and derived solutions independently from sample data. This allowed the project implementation to move forward quickly.

Alexander Ginsburg

Head Payment Products, Viseca Card Services SA

“From importing the Forex rates to processing, approvals and publishing on our internal host system and external client platforms, with “newERA”, handling foreign exchange rates is simple, secure and fast.”

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