The state-of-the-art solution centrally integrates all internal systems of a bank, minimizing costs and enhancing efficiency
EastNets, the leading payments and security solutions provider for the government and financial service industry in the Middle East, has been recognized as a SWIFT Solution Partner following the successful implementation of EastNets' state-of-the-art PayGate solution at a number of banks and financial institutions. EastNets is already a SWIFT Business & Service Partner.
PayGate is a leading-edge middleware solution for the financial market built on Microsoft BizTalk Accelerator for SWIFT, and supports multiple protocols such as SWIFT, country-specific financial formats like RTGS, Reuters and core banking applications. Paygate enables straight through processing (STP), is simple to implement and proves cost effective.
"EastNets is pleased to be recognized as a SWIFT Solution Partner for our PayGate solution," said Hazem Mulhim, CEO, EastNets. "PayGate is designed to allow banks to integrate banking processes in an electronic format, providing them with a powerful STP solution to manage their day-to-day operations over the SWIFT network for international trade, fund management and capital market transactions. The solution provides end-to-end integration with no manual intervention, as well as the ability to define workflow processes and revise them quickly if needed."
A major advantage of PayGate is that it allows users to send SWIFT messages from all branch desktops. The solution helps automate SWIFT messages with back-office banking applications, while minimizing implementation and maintenance costs. In addition, PayGate eliminates repeated data entry, and allows for automatic error detection.
"With PayGate, Internet customers can have the ability to directly create a SWIFT message to transfer money to a person in another country. By integrating all internal systems of the bank, the solution facilitates real-time connection between the existing banking system and the SWIFT application. Each transaction in the banking system that requires an international transfer automatically creates a SWIFT message which is sent to the SWIFT network," Mulhim said.
EastNets had recently implemented the PayGate solution at Sekerbank, a leading Turkish private commercial bank, through a joint development programme with Microsoft. Following the implementation of PayGate, Segerbank witnessed a 75 per cent increase in efficiency, besides benefiting from cost savings of US$ 100,000. The solution facilitated faster, more seamless information flow between various internal systems, helped eliminate repeat data entry and minimized operational errors.
Bahrain Finance Company has also selected EastNets’ PayGate solution to achieve straight through processing (STP) between their remittance system and SWIFT messaging platforms. The Solution projects high level of automation and provides lower transaction costs, better customer service, eliminate operational risks and comply with industry standards.