Petra Financial and EastNets announce partnership to deliver IBAN Validation Solutions

Dubai - 18 May 2009

Petra Financial today announced that it has formed a partnership with EastNets, a leading global provider of compliance and payments solutions and services, to resell Vortex, a global payments solution with an IBAN validation component.

Financial institutions and banks require IBAN validation to speed end-to-end payment processing since the value is high. EastNets will now resell Petra’s Vortex solution enabling banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages.

“The banks and financial institutions around the world need a trusted provider for banking applications, services, and SWIFT access. We see that Petra Financial’s focus on solutions that provide faster and easier payments initiation with reduced errors for improved risk control support a growing market for outsourced services that deliver value and benefit,” said Hazem Mulhim, CEO of EastNets.

“Petra Financial is very pleased to add EastNets to our partner network. EastNets has both the trust of the market, as the largest SWIFT Service bureau in the Middle East and North Africa region, and a shared enthusiasm for delivering simple yet effective solutions that make a difference to their customers.” David Sinclair, CEO of Petra Financial, added.

“We look forward to working together with Petra Financial. They understand what their customers and the market needs, and deliver simple, robust and attractive solutions that users like to work with,” Mulhim further commented.

Vortex is Petra Financial’s online and SaaS delivered application that enables banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages. Petra Financial’s solutions deliver increased STP, and can be implemented in as little as 14 days, and deliver return on investment (ROI) within months and not years; through a subscription rather than initial license fee.

”The Middle East and North Africa are high growth regions, and customers demand the best technology combined with first class service. Being able to work with EastNets ensures that customers receive the first-class service that EastNets has gained a reputation for delivering. Our team at Petra Financial looks forward to delivering great products to the market backed by EastNets' exemplary reputation.” Enrique Clemente, Sales Manager for Middle East of Petra Financial, further commented.

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