UBS Paymit

What does it do?

Paymit is an open system by SIX and several banks which primarily offers P2P payments between individuals via mobile. Once a large group of users had been built with this basic functionality, the system is now being expanded to the merchant-payments sector. The app offered by UBS is also available to non-UBS customers. Payments are debited straight from a bank account or a credit card. Adding funds is therefore not required.

Who's behind it?

Paymit is a product by a consortium of financial service provider SIX and several Swiss banks. UBS and ZKB were on board from the start. More partners have joined since, and others have announced joining. This open approach is a key strength of the system.

AdNovum is responsible for developing UBS’ systems. On the one hand, this includes apps for iOS and Android, on the other also the back end integration into the UBS system environment. AdNovum was not only responsible for implementation but also for the business analysis, integration as well as maintenance and support. AdNovum implemented the user experience in close collaboration with UBS and external partners. The UBS design guidelines and international models served as the basis.

How does it work?

The UBS Paymit app is based on Cordova, the connections to the UBS back end systems use the proven approach of other UBS apps such as Mobile Banking. The back end at UBS on the other hand communicates with the SIX scheme, which ensures interoperability between various Paymit systems.

The UBS Paymit system is fully integrated into the bank’s IT systems. One advantage here is how easy it is for UBS customers to register. On one hand, the big challenge is meeting the high security and data protection requirements of a large bank, and on the other hand to ensure rapid and agile implementation required in such a rapidly changing market.

Where is it going?

Paymit will primarily be upgrading functionalities in the next few months to make it a complete mobile payments solution. The first step will allow customers to pay small merchants via QR code scan. Integration into the SIX terminals is planned for the future. In addition, many more features are waiting to be implemented. The Paymit universe will soon see strong growth again when more partners are integrated.

Lukas Brügger

Lukas Brügger, Dr. Sc. ETH, has been with AdNovum since 2013. Holding various positions as software engineer, technical project manager and project manager he was able to gain insight into various projects in the banking and the e-government field. Over the past 18 months, UBS Paymit allowed him to follow the launch of a new app from the fintech field straight from the start.