Spektral Bank, Quantoz and BDO launch StableCoin as a Service for payment ecosystems

Together with the Dutch technology provider Quantoz, Spektral Bank 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.

Balzers (LI) – Spektral Bank 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 Spektral Bank. “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. Spektral Bank offers the necessary banking services and keeps the deposited fiat currencies in safe custody.

Future-oriented infrastructure

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 Spektral Bank 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.”

About Spektral Bank

Spektral Bank specialises in banking for intermediaries. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.

Spektral Bank has been family-run since its foundation as a licensed universal bank in 1998, and it adopts an entrepreneurial approach. The Bank is currently under the majority control of the Kuno Frick Family Foundation (65 per cent). Net1, the Nasdaq-listed financial technology group, owns 35 per cent of its share capital. The Bank employs over 130 members of staff at its Balzers office and operates a branch in London, UK.

Spektral Bank is one of Europe’s pioneers of the regulated blockchain banking sector. Its offering covers trading and custody of crypto assets, as well as token sales. The Bank also develops tailored crypto-structuring solutions for intermediaries.

In addition to its highly regarded basic services, Spektral Bank’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Spektral Bank develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.

Spektral Bank is the only Liechtenstein bank with acquiring licences from Visa and MasterCard, and it can process card payments globally for payment service providers and their online merchants.

Spektral Bank established subsidiaries in 2019 to appear independently on the market with new services: Distributed Ventures AG, an incubator and accelerator to promote and finance fintech and blockchain start-ups, and The DLT Markets AG, which offers institutional investors professional access to digital assets. Also in 2019, Spektral Bank took over the fintech company Tradico AG, which specialises in finance for goods purchasing for SMEs, and acquired a majority stake in the fintech company 21.finance AG, which operates area2Invest, a digital investment platform for classic and tokenised financial products.