The Zug-based crypto broker has implemented a mammoth project for its core banking system. The next logical step for Bitcoin Suisse is a banking license.
Bitcoin Suisse has integrated a core banking solution from Tata Consultancy Services (TCS), Switzerland's largest digital investment broker announced Thursday.
TCS is an IT consulting firm of the Indian conglomerate Tata. Although that might sound exotic, the company is an established player in Swiss banking. Postbank Postfinance migrated to a TCS system from TCS in 2018.
The TCS Bancs software covers all core functions, including account and product management, booking system and accounting, and compliance including reporting and risk monitoring functions. The new IT is designed to scale and transform the Zug-based fintech's crypto platform to meet the client requirements, particularly institutional ones.
Experience at UBS
This is entirely in line with the plans of former banker Dirk Klee, who joined Bitcoin Suisse as its new CEO at the beginning of 2022. Previously he built IT platforms worth billions at UBS and now wants to make the leap to a financial group with the startup.
He also wants Bitcoin Suisse to reapply to the Swiss Financial Market Supervisory Authority (Finma) for a banking license after withdrawing its application in the spring of 2021.
Complex Work
The integration of the TCS solution, happening amidst the «crypto winter», has kept the company busy for nearly two years. In an interview with finews.com, Klee described the work involved as «complex».
The system used by Bitcoin Suisse is designed to incorporate digital interfaces (APIs) that facilitate the connection to various digital ecosystems and third-party services.
