What it takes to build trust in a financial platform

Financial platforms often appear simple from the outside. A client opens an account, accesses a platform, sends a payment or converts currency. Behind that experience, however, a financial company needs structure, documentation, controls and a clear sense of responsibility before it can serve clients properly. 

In the first Perspectives article, Rachael Camp, co-founder of SwissFx, discussed why SwissFx was created and what shaped its relationship-led approach to FX and international payments. In this follow-up conversation, she looks at another part of the story: what had to be built behind the scenes before the platform could onboard clients, and why trust in financial services has to be created before it is communicated.

Why does trust matter so much in financial services? 

R. C. : “Trust is key. If you are not able to trust each other, there is no basis for anything. That applies inside the company, and it applies to client relationships as well. 

In FX and international payments, clients are not only choosing a tool. They are choosing a partner that may be involved in important financial flows, supplier payments, currency conversion or risk-management decisions. They need to know that the provider is serious, transparent and able to take responsibility for the way it operates. 

For us, trust is not something we wanted to add afterwards as a message. It had to sit inside the way the company is built. That means being upfront, being honest if something is not perfect and creating the right operating framework before asking clients to rely on us.” 

What had to be in place before SwissFx could onboard clients? 

R. C. : “Before SwissFx could onboard clients, we needed to complete the regulatory process and become a member of a Swiss self-regulatory organisation. SwissFx is a member of VQF, a self-regulatory organisation in Switzerland under the Swiss Anti-Money Laundering Act. 

That was essential. We could not simply create a website and start operating. We could prepare the brand, the platform experience, the website and the wider business setup, but we could not onboard clients until the approval process was complete. 

In practice, that changed the rhythm of the launch. We began working on SwissFx in December 2024, but there was a long period where we were building without being able to fully serve clients. From the outside, a new platform may seem to appear quite quickly. Internally, a lot has already happened before that point.” 

What did the regulatory process involve in practice? 

R. C. : “The process required a substantial amount of preparation. Before submitting the application, we spent around three months preparing the documentation. After submission, the assessment took around six months. So, overall, it was close to nine months of work and waiting. 

We also worked with external compliance specialists to make sure we were preparing the right material and meeting the expected standards. The process was not just about sending one document. It was about showing that the business, the operating model, the compliance setup and the responsibilities behind the service were properly considered. 

Because SwissFx works with a partner network, that also had to be explained. In financial services, the wider operational setup matters. The question is not only what the client sees on the front end, but also which partners, systems and processes sit behind the service and whether they fit within the relevant Swiss regulatory framework. 

That can take time, and it should take time. When a company is dealing with financial flows, clients need reassurance that the structure has been reviewed, challenged and documented properly.” 

Why is patience part of building a financial platform properly? 

R. C. : “I have had to learn to be very patient. Waiting for the regulatory approval was one example, but it is also true more broadly. Building a financial company is not the same as launching a lightweight digital product. There are more responsibilities, more checks and more dependencies. 

There is also the patience required to build trust in the market. SwissFx is a young company in a specialised B2B environment. Awareness does not appear overnight. It comes through conversations, consistency, relationships and the experience people have when they deal with us. That has been an important lesson.” 

Does compliance stop once approval is granted? 

R. C. : “No. Approval is not the end of compliance. It creates an ongoing framework of responsibility. SwissFx has annual obligations, including submitting accounts, completing audits and keeping up with anti-money laundering training. We also need to stay attentive to the information and alerts available through the goAML-related framework in Switzerland. That ongoing work is part of operating responsibly. Clients may not see all of it directly, but it influences how the company is run. 

This is one of the reasons trust cannot be treated as a one-off milestone. It has to be maintained through repeated obligations, internal discipline and regular attention to compliance updates.”

How does this behind-the-scenes work shape the customer relationship? 

R. C. : “It shapes the relationship by creating a more serious foundation. A customer may mainly experience the conversation with a relationship manager, the onboarding process or the platform itself. But behind that, there needs to be a structure that supports secure and responsible activity. 

It also reinforces the way we want to communicate. We try to keep things clear, simple and honest. If a client has a question, we want to explain what is happening. If there is a problem, we discuss it and look for a solution. Trust is built through both the regulatory framework and the way people behave day to day.” 

What should businesses take from this when choosing a financial platform? 

R. C. : “A business should look beyond the platform interface and ask what sits behind the service. Regulation, compliance, client verification, partner structure, operational responsibility and human support all matter. The same applies when comparing wider capabilities such as multi-currency accounts or FX risk management. 

For SwissFx, building trust means making those foundations visible enough for clients to feel confident asking questions. A financial platform should not only work when everything is simple. It should also be built to support responsibility, clarity and dialogue when the situation requires it.”