As a leading Swiss investment management firm overseeing multiple funds and complex asset structures, managing business expenses had long been a source of frustration and risk. Between stringent regulatory requirements, operational inefficiencies, and the ever-present risk of misuse or fraud, it was clear that the traditional corporate card system was no longer fit for purpose.

Our customer was relying on a "one-size-fits-all" corporate card program that treated every client the same - a serious issue for a business dealing with intricate fund and asset allocations. Cards were issued through a slow, paper-based process that often took weeks, delaying deal work and onboarding of new asset managers.

Worse still, all expenses were funneled into a single account, leaving back-office teams struggling to allocate costs correctly, often long after the transaction took place. This created major compliance issues with the company’s strict policies to classify and allocate costs correctly. Expenses that couldn't be properly classified became non-rechargeable - increasing the firm’s costs and negatively impacting profitability.

Moreover, there were no controls on what could be spent and for which purpose, opening the door to misuse, unapproved spending, and potential fraud. Cards were not aligned with the currencies of the funds, which meant multiple FX conversions and unnecessary costs on every transaction.

YAPEAL’s next-generation virtual Visa card solution provided a way out of this complexity - and delivered a transformative shift in how the firm manages expenses.

With YAPEAL, cards are issued digitally and instantly, eliminating all paperwork and onboarding delays. But the real power lies in cost triage at source:

• Each card is purpose-built and linked to specific projects, funds, or assets before any money is spent.

• Deal teams and asset managers can be issued cards for individual due diligence processes, specific assets during holding periods, or general corporate activities, depending on need.

• This means that expenses are classified and allocated correctly at the moment they happen - no need for back-office teams to figure out what goes where weeks later.

This shift has radically improved operational efficiency. Because every transaction is tagged to its relevant account structure, there are no more unclassified or non-rechargeable expenses. The firm knows exactly which costs belong to which fund, project, or holding company - all in real time.

The impact on compliance has been equally profound. With pre-set limits and approval workflows, YAPEAL's cards ensure that funds are only spent on authorized purposes, directly aligned with expense policies, and fund prospectuses. This has significantly reduced the risk of misuse and fraud, and simplified audit trails.

For leadership, real-time visibility into all expenses has improved decision-making and financial oversight. The CFO and finance teams no longer have to wait until month-end to understand where money is going - they see it as it happens, enabling more proactive management of budgets and fund allocations.

Moreover, because cards are funded directly and only when needed, the firm has been able to reduce its liquidity needs, freeing up capital that was previously sitting idle to cover potential expenses. This improves both profitability and capital efficiency, with fewer working capital requirements and lower FINMA capital charges - a direct result of being able to demonstrate clear, compliant expense allocation.

Unlike traditional card programs, YAPEAL offers multi-currency capabilities, meaning cards can be issued in the same currency as the underlying fund. This has eliminated unnecessary FX conversions and saved up to 4% on foreign exchange rates, directly benefiting the firm’s bottom line. The firm also benefits from lower card issuance and usage fees, as YAPEAL operates on a fully digital infrastructure without costly physical cards.

By shifting to YAPEAL, this Swiss investment management firm has moved from a slow, cumbersome, and risky expense process to a fully digital, transparent, and compliant system. They now have full control over every franc spent, with the confidence that every expense is aligned to the right fund or project - right from the start.