BankServ SWIFT Service Bureau captures 85% of Ecuador banking market

Las Vegas - 24 November 2010

BankServ announced today that BusinessWare, its long-time business partner in Ecuador, has converted 85% of the total 25 banks in Ecuador to BankServ's outsourced solution for international financial message processing on the SWIFT Network. By replacing their previous in-house SWIFT connection with the BankServ TurboGateway Service Bureau solution, the banks have substantially reduced operating costs while simultaneously increasing their security and reliability levels.

Banco de Guayaquil, one of the largest banks in Ecuador that takes pride in providing high-quality service, is one bank that made the conversion. In 2009, BusinessWare presented Banco de Guayaquil management with a business case outlining 40% annual cost savings by converting its licensed SWIFT approach to the BankServ TurboGateway Service Bureau. Banco de Guayaquil was able to use a local instance of the BankServ TurboSwift interface to gain straight-through access to the SWIFT network and maintain in-country data control. But by outsourcing the actual connection to SWIFT through BankServ's Service Bureau, Banco de Guayaquil saved time, labor and costs versus having to operate the SWIFT connection themselves in-house. BankServ's TurboGateway Service Bureau also provided the critical disaster recovery services the bank needed to ensure a highly reliable and secure SWIFT operation and BusinessWare ensures cost-effective implementation and ongoing support services.

According to Clemente Calderon, Vice President of Systems and Technology, Banco de Guayaquil, "Without the BankServ TurboGateway Service Bureau, we would have been burdened by much higher costs for our SWIFT connection, and would have duplicated our investment in order to establish our own disaster recovery service for SWIFT. BankServ has saved us time and effort by providing both of these things for us in their Service Bureau solution."

Patricio Sanchez, CEO of BusinessWare adds, "It's quite easy to prove to banks and corporations why the BankServ TurboGateway Service Bureau is the best SWIFT option. We just show the substantial reduction in costs and increased benefits versus a direct connection. We can also show that BankServ offers the highest level of security and reliability. BankServ is SAS 70 Type II compliant and one of the few non-bank companies that is regulated and annually audited by US bank authorities (FFIEC, OCC, FRB, FDIC, OTS)."


Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development