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Corporate Foreign Exchange Firm Goes Live with EastNets for Outsourced SWIFT Connectivity

EastNets, a leading global provider of enterprise compliance and payments solutions and services for financial institutions and corporates, announced today that GPS Capital Markets, Inc. (GPS) is live with its SWIFT Service Bureau, a fully-managed hosting solution to enhance payment and treasury operations and reduce costs and payment security risk.

GPS is a corporate foreign exchange brokerage firm based in Salt Lake City, Utah which combines the most effective foreign exchange rates and foreign exchange hedging with a host of financial solutions including FX payment processing, FX hedging, and FX exposure management.

EastNets’ en.Service Bureau enables corporates like GPS to join the SWIFT Network by offering both a fully-managed hosting facility
as well as a shared environment. en.Service Bureau helps GPS make international payments and other financial transactions more secure and cost-effective as well as accelerate straight through processing (STP) and improve response times.

“GPS is delighted to have selected and deployed EastNets’ premier Service Bureau for outsourced SWIFT connectivity,” said Jason Langston, CFO, of GPS. “EastNets will enable GPS to accelerate our financial transactions in an accurate and highly-secure manner as well as reduce the cost and risk of making an increasing volume of international payments.”

GPS is the latest organization to join EastNets’ growing roster of corporate customers to adopt SWIFT connectivity whether as a participant in a financial institution’s Closed User Group, a Treasury Counterparty or on an outsourced basis with EastNets’ en.Service Bureau.

“An increasing number of corporates are joining SWIFT to speed up processes and obtain access to banks around the globe more efficiently, securely and cost effectively,” said Hazem Mulhim, CEO and Chairman, EastNets. “We are pleased to add such a notable company as GPS to our growing portfolio of Corporate customers.”

EastNets provides anti-money laundering (AML), anti-fraud, payment and transaction management solutions, and SWIFT plug-ins to add value to SWIFT connectivity for improved risk protection, transparency and cost controls. EastNets is a U.S. SWIFT Regional Partner, and offers one of the world’s largest SWIFT Service Bureau networks, with more than 250 clients.