SIX starts to reorganize its business plan

Swiss digital payment technology company SIX is reorganizing its business to improve its ability to compete with startups. The company, which sells virtual cards among other products, will merge its exchange execution and post-trading areas into one unit, and will separate its card acquiring unit from the rest of its payments business and seek a "partner" to operate the acquiring business.

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SIX to ease exchange of data information for Swiss banks

National tax authorities around the world must exchange individuals’ tax information in a standardized way, known as the Common Reporting Standard (CRS). As of January 2017, all financial institutions in Switzerland must begin collecting client data ready to report to the Swiss national tax authority starting from June 2018 onwards.

The automatic exchange of information (AEoI) places a significant organizational burden on financial institutions. On Monday, SIX launched a new CRS/AEoI service, which will help financial institutions manage the huge challenge of reporting clients’ information correctly by providing the right data so banks can easily aggregate it at years’ end and standardize their reporting obligations.

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Alipay reached agreement with SIX to expand in Europe

SIX Payment Services and Alipay, the third-party payment and lifestyle platform operated by Ant Financial Services Group, announced their close cooperation for the acceptance of POS and E- Commerce payments across Europe. Under the terms of the agreement, Alipay’s payment service will be integrated into the payment application of SIX in order to enable merchant clients of SIX to accept Alipay payments from Alipay users.

SIX currently has a customer base of 220,000 merchants locations, principally in Switzerland, Luxemburg, Austria, Germany.

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