Photo of Olivier Danière, Chopard and Marco Marchi, BNP Paribas.
In 2015, the appreciation of the Swiss franc led this Geneva-headquartered company to review their hedging and collection policy, and the card acquiring business was one of key components included in the scope of the project. Hear how they appointed a pan European banking partner to deliver a card acquiring and cash management solution.
Manager – Corporate Internal Audit
Watchmaker founded in 1860 by Louis-Ulysse Chopard in Sonvilier, Switzerland, La Maison Chopard epitomises the alliance between watchmaking and jewellery. It has always known how to meet the expectations of its day, relying on four essential values – expertise, tradition, innovation and commitment to philanthropy – whilst working hard to pass on knowhow and skills to future generations.
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Historically, Chopard has built card acquiring services with local banks all over the world, which created all sorts of material and tariff conditions, or prevented any global overview on the process. In 2015, the appreciation of the Swiss franc led the company to review their hedging and collection policy. The card acquiring business was identified as a major improvement opportunity.
The key objectives of the project were:
Implement secure and efficient card payment services in Europe, the US and Asia.
Centralise all card acquiring solutions in Europe with one partner.
Benefit from harmonised tariffs and conditions for all cards in Europe.
Build a structure to improve cost optimisation.
Propose end-to-end card acquiring payment in different currencies.
Improve visibility and timeliness of cash balance reporting.
Implement a harmonised cash management structure.
Chopard selected BNP Paribas as their partner bank because of their understanding of the company’s objectives and challenges and its ability to provide an innovative card acquiring solution that met the full expectations of the company.
In order to meet these expectations and deliver card acquiring, cash collection and account servicing, BNP Paribas has built a combined proposition to deliver a streamlined and centralised collections service. Phase one of this solution was rolled out across: Spain, France, Monaco, UK, Italy, Switzerland, Germany and the Netherlands.