10% of Switzerland’s population is made up of foreign expatriates living and working in Switzerland, at the same time almost 500,000 employees living in neighbouring countries cross the Swiss border every day to work in Switzerland. The direct consequence on overseas pension payments is a yearly increase of 4%.

947,371 international pension payments are paid every month from Switzerland. This represents 21% of total pension payments according to the Swiss Federal Statistical Office and estimates show this will rise to over 30% in the next decade.

Overseas Pension Payments have key variables that differentiate them from domestic payments and it’s important to ensure that your payments process takes them into account – ensuring overseas members are protected and receive best value:

Transaction Costs

Do you know how much it costs to deliver member payments?

It’s imperative that members receive their pension on time and in full.

Overseas pension payments can incur deductions and delays, particularly if they are routed through multiple banks. It’s important to review the process as these issues can be hidden. Ebury challenges this by offering transparency around costs and foreign exchange margins and operates its own payment network.

 

Fraud Risk

Are you confident you are paying the right person? Is this person still alive?

Ensuring you pay the right person and have robust measures to protect them as part of their customer experience offers peace of mind and protection for both Pension Funds and their members.

ID Verification provided by myPensionID, using biometric technology on a mobile phone can support this process anywhere in the world to help with:

• Proof of Life – Existence Checks
• New Bank account instructions – cutting a process that can take weeks to verify
• Managing Returns from deceased members

We would welcome the opportunity to discuss how Ebury Mass Payments and AB Exchange can deliver increased benefits to your members and efficiencies for your operation.