Sonect helps Migros Bank become one of
Switzerland’s largest cash withdrawal networks

Hot on the heels of being recog­nised as the Next Global Hot Thing at the Digital Economy Award 2019, Sonect has achieved yet another milestone. A new part­ner­ship with Migros Bank means around 800,000 clients can now withdraw cash straight from their bank accounts using Sonect.

Migros Bank is one of the biggest names in the Swiss banking sector, and the latest to realise the advan­tages of the Sonect solution. This new part­ner­ship rep­re­sents a sig­nif­i­cant step for Sonect in the domestic market, paving the way for further expansion in Switzer­land to com­ple­ment the company’s growth on the inter­na­tion­al stage.

It has also seen Migros Bank add a further 2,300 locations to its cash with­draw­al network, taking the total to over 4,000. Using an app, Migros Bank clients can now withdraw cash at the cash register, including in stores that are not part of the Migros Group. The amount withdrawn is debited directly from the client’s Migros Bank account. Clients can withdraw cash in k kiosk branches, Volg stores, Agrola petrol stations and at many other stores that are also offering this service at their cash registers.

This part­ner­ship under­scores the benefits of the Sonect platform, which aims to create a win-win situation for banks, shops and customers by lever­ag­ing a crowd sourced cash infra­struc­ture.. In just a very short time, Migros Bank has been able to expand its network of cash with­draw­al points by 50%.

A cost-effective and practical alter­na­tive

Sonect will remain free for Migros Bank clients until the end of April 2020. From 1 May 2020, based on the services being used, a fee of CHF 0.99 per trans­ac­tion will be charged to the client. However, Sonect will still be a sig­nif­i­cant­ly cheaper option than using an ATM at another bank and make it con­sid­er­ably easier for clients to access their money with a large network of con­ve­nient locations. ATMs at other banks charge a fee of CHF 2 per with­draw­al.

Linking your account to Sonect

In order to use the Sonect network, Migros Bank clients must first install the Sonect app on their smart­phone and then add their Migros Bank account. Clients can link their account to the Sonect app using their Migros Bank E‑Pay ID.

“We are proud to have added such a pres­ti­gious name as Migros Bank to our platform. We are convinced that the addition of this service will create real added value for our new customers.”

Sandipan Chakraborty, CEO and founder of Sonect

 

 

 

About Migros Bank

With 800,000 clients and a balance sheet of CHF 46 billion, Migros Bank is one of Switzerland’s leading banks. It is one the five largest mortgage banks in the country, offers a broad range of invest­ment options and manages one of the largest port­fo­lios of sus­tain­abil­i­ty funds in Switzer­land. As a wholly owned sub­sidiary of the Fed­er­a­tion of Migros Co-oper­a­tives, Migros Bank shares the values of the Migros Group. It has over 1,300 full-time employees and more than 67 branches.