SONECT converts anyone into a “virtual ATM” – reducing cost of cash distribution for banks and easing up in store cash management for merchants via a location based on-demand service that allows its users to withdraw cash everywhere using smartphone.
Winner of LendIt Europe PitchIt 2017, SONECT is one of the top fintech companies from Switzerland. What UBER is to Taxis, AirBnB to Hotels, SONECT is for the ATMs. It democratizes the process of cash distribution and eliminates a significant portion of the value chain. ATMs are expensive for banks to install and operate. Consumers often struggle to find, travel and pay for cash withdrawal from an ATM . On the other hand, cash handling requires merchants to spend time and money. Combining all these, global economy "wastes" over $300B every year while 85% of all consumer payments continue to happen using cash. SONECT disrupts the ATM industry by enabling any shop in the neighborhood or any human being to act as a “virtual ATM”. SONECT builds a community around local businesses and helps them generate physical leads while banks save upto 50% in running their ATM operation costs by simply recycling cash with the power of sharing economy. SONECT also helps banks expand into remote regions and increases financial inclusion without any capital investment. The company is already working with some of the leading global banks and preparing for a pan European launch in 2018 after a successful launch in Switzerland. SONECT has been recently commended as the “best consumer payment initiative worldwide” by banking technology.