WIR Bank

The WIR Bank, formerly the Swiss Economic Circle (GER: Wirtschaftsring-Genossenschaft), or WIR, is an independent complementary currency system in Switzerland that serves businesses in hospitality, construction, manufacturing, retail and professional services. WIR issues and manages a private currency, called the WIR Franc, which is used, in combination with Swiss Franc to generate dual-currency transactions. The WIR Franc is an electronic currency reflected in clients' trade accounts and there is no paper money. The use of this currency results in increased sales, cash flow and profits for a qualified participant. WIR has perfected the system by creating a credit system which issues credit, in WIR Francs, to its members. The credit lines are secured by members pledging assets. This ensures that the currency is asset-backed. When two members enter into a transaction with both Swiss Francs and WIR Francs it reduces the amount of cash needed by the buyer; the seller does not discount its product or service.