Al Ansari Exchange joins SWIFT community for more protected financial messaging services

Published March 10th, 2010 - 08:23 GMT

Al Ansari Exchange, a leading provider of worldwide remittance and foreign exchange services, has recently acquired membership to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative organisation that provides standardised and highly secure financial messaging services to financial institutions worldwide. By joining the SWIFT community, the top exchange house is now able to send/receive structured messages such as cover payments, payment instructions, advice of payments and treasury confirmations more securely.

SWIFT offers secure, reliable and resilient, access-controlled store-and-forward messaging services to exchange structured messages, including message validation to ensure messages are formatted according to SWIFT message standards, delivery monitoring and prioritisation. By forging a strategic alliance with SWIFT, Al Ansari Exchange can improve standardisation and simplify administration, which will lead to reduced costs and operational risks, enhanced operational efficiency and customer service advancement. Furthermore, SWIFT connectivity also provides Al Ansari Exchange global reach with correspondent banks on a real time basis, which paves the way for faster currency settlements, reconciliation and regulated communication flows.

“In our ever-growing operations, our priorities have expanded towards strengthening our infrastructure to enable us to sustain the quality of services we provide to our customers,” said Mohammad Al Ansari, Managing Director, Al Ansari Exchange. “Our move to gain membership with SWIFT underlines the premium we place in the security of our customers’ transactions and our high regard to organisation and standardisation, which continue to ensure efficiency in our business.”

Headquartered in Belgium and with offices in the world's major financial centres and developing markets, SWIFT helps over 8,300 banking organisations, securities institutions and corporate customers in more than 208 countries automate and standardise financial transactions. Through its proprietary communications platform, products and services, the organisation empowers its customers to lower costs, reduce operational risk and eliminate inefficiencies from their operations.

“SWIFT plays a vital role in inspiring the financial community to work together for a more standardised market place where mutual interest prevails, and we are proud to be among the esteemed organisations to be part of this community. We are also very pleased with the benefits we are enjoying as a result of our membership with SWIFT, which continue to help us automate and standardise financial transactions and create new business opportunities and revenue streams,” concluded Al Ansari.

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