Dubai Gold & Commodities Exchange (DGCX) has been working with EastNets™, the leading payments and security solutions provider for the public and financial service sectors in the Middle East to provide a state-of-the-art solution through the use of EastNets™ Service Bureau (ENSB), SWIFTNet, and PayGate™.
DGCX, an international commodity Exchange set up in the Middle East has been admitted as a direct SWIFT member under the category of Recognised Exchanges. DGCX, a fully electronic exchange, has been at the forefront of technical innovation as far as its product offerings, connectivity solutions and adoption of industry standards. DGCX is also amongst the few exchanges in the region which offer FIX 4.2 protocol based connectivity to its trading platform.
Being granted membership under Recognized Exchange category, DGCX can now utilize all the benefits that SWIFT Network offers such as the real time transaction processing, security, unified standard (FIN), File transfers (FileAct), real time reporting (InterAct). This will further enhance DGCX’s settlement framework and allow speedy clearance of funds among Clearing Members and Clearing Banks.
Framroze Pochara, Chief Executive, DGCX said: “For a fledging exchange such as DGCX, it is extremely important that it adopts the globally accepted industry standards for settlement of its commodities and currency contracts. The SWIFT membership places DGCX in the league of other established international exchanges.
The partnership with EastNets™ and its expertise in delivering SWIFT Net services seamlessly will be valuable for DGCX” Mr. Pochara added.
Hazem Mulhim, CEO, EastNets™ said: "We are very pleased to have been chosen by DGCX to provide them with these solutions. The core of the proposed solution uses a product developed by EastNets™ called PayGate™, which is designed to eliminate manual interventions within processes and introduce automation. It provides an automated solution to manage the day-to-day operations over the SWIFT network (SWIFTNet) for international trade, fund management and market infrastructure transactions. The solution is an end-to-end integration covering the entire transaction cycle of settlement activities."
EastNets™, the SWIFT Business Partner and the SWIFT Service Partner in the region, has provided DGCX with a fully managed end-to-end STP (Straight Through Processing) solution that integrates DGCX’s proprietary systems to SWIFTNet. The solutions encompass professional services including technical design, project implementation, project management and ongoing support.
Founded in 1984, Eastern Networks commercially known as EastNets is a leading Payments and Security Solution Provider for the government and financial service industry. As a recognized market leader, the company is strategically positioned with offices across the broader Middle East region providing products and services either directly to our customers, or on a hosted basis through the EastNets Service Bureau (ENSB). EastNets is strategically positioned in five major markets with offices and presence in the United Arab Emirates, Jordan, Turkey, Iraq, Egypt, and Bahrain.
