PostFinance capitalises on SaaS tool Kajo

Developed by Fintech startup Rivero, Kajo is a software platform enabling all players in the payment ecosystem to streamline their scheme compliance process. By collaborating with the startup, PostFinance gets access to the tool to digitalise its processes.

One of the core aspects of card payments is complying with license rules (scheme rules and regulations) of international payment networks (such as Mastercard or Visa) and managing scheme fees and interchange rates. Such responsibility is usually taken care of by a so-called scheme compliance manager or a team of scheme compliance experts, depending on the bank’s size."Scheme compliance entails a critical responsibility for organisations to avoid non-compliance leading to interoperability issues, non-compliance assessments, and financial losses due to not optimal interchange or scheme fees. In extreme cases, overlooking compliance requirements can cause fines and lead to a loss of the scheme licence for a bank," explained Fatemeh Nikayin, Co-founder of Rivero.

Rivero, the Zurich based startup specialising in simplifying card payments operations, developed the Software-as-a-Service solution Kajo to address this challenge. The platform enables all players in the payment ecosystem to streamline their scheme compliance process. Designed for principal licensees, affiliates and service providers, Kajo enables payment network portals to obtain and read the latest bulletins and announcements. The platform automatically detects relevant bulletins and assigns them to the responsible stakeholder, providing scheme compliance managers with a complete and updated overview of the current and upcoming card compliance status.

In addition to existing customers, including Cembra Money Bank, Adnazia Bank, Bank Frick, and DNA Payments, the startup has onboarded PostFinance, one of Switzerland’s leading financial institutions with over 2.6 million customers and CHF 111 billion in customer assets. The partnership between PostFinance and Rivero gives the latter access to Kajo, allowing the company to digitalise its processes with the highest levels of quality control to ensure compliance with license rules of international payment networks.

"With our product Kajo, we are committed to strengthening the integrity of payment networks by helping the ecosystem manage payment networks license rules most efficiently with strong quality controls. We are proud to onboard PostFinance and support their license compliance processes with our SaaS platform Kajo," said Nikayin.

Besides Kajo, the startup developed Amiko to empower card issuers to move to end-to-end digital fraud recovery and dispute resolution using cardholder self-servicing. Customers across Europe use the tool. The company employs 15 employees with several open positions.

(Press release/RAN)
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