Global payment solutions leader EastNets partners with Kuwait's Boubyan bank to launch SWIFT gpi for faster cross-border payments
Dubai, UAE, June 6, 2018: Leading provider of compliance, payment and cloud solutions, EastNets has announced its partnership with Kuwait’s Boubyan Bank to roll out SWIFT’s global payments innovation (gpi) service for its customers across the country.
With the introduction of SWIFT gpi, Boubyan Bank will offer its customers high-speed cross-border payments with end to end tracking, transparency on bank fees and FX rates (Foreign Exchange), ultimately allowing the bank to credit payments to end beneficiaries within minutes, even seconds.
EastNets will assist Boubyan Bank in implementing SWIFT gpi without having to re-engineer the bank’s existing payment systems, thereby lowering the cost of ownership, decreasing time to market, reducing risks and providing greater payment efficiency.
The roll-out of the SWIFT gpi solution will allow Boubyan customers to track the status of their cross-border payments in real time, improve cash forecasting and receive confirmation notices when funds have been received by the end beneficiary. The project will be delivered in phases where EastNets’ experts will support the bank through all stages of implementing SWIFT gpi, from initiation until completion.
EastNets CEO, Hazem Mulhim said, “Today, bank customers demand access to cross-border payment services within a secure and fast environment. Through this partnership, EastNets will introduce SWIFT gpi, the industry gold-standard for cross-border payments, to customers of Boubyan Bank in Kuwait and around the world. We have always been committed to helping businesses transform the way they manage complexity and will continue to develop innovative and efficient solutions that help financial institutions support the dynamic needs of customers and equip them for opportunities and challenges in the future.”
Commenting on the partnership, Deputy Chief Executive Officer, Boubyan Bank Abdullah Al-Najran Al-Tuwaijri said, “We are committed to offering our clients the best services by way of increased efficiency, compliance, security and traceability- all of which are imperative for businesses that rely on international payments on a day-to day basis. With the implementation of SWIFT gpi, we are proud to be adopting what is now considered the gold standard for international payments and believe that EastNets is the ideal partner when it comes to delivering efficiency, excellence and strategic advantage to our clients.”
Home >> Banking & Investments Section
Emirates returns to Nigeria from 1 October
The Environment Agency – Abu Dhabi Starts the First Reintroduction Phase of Dama ...
Emirates invites UAE's cabin crew candidates to exclusive events
Family Development Foundation launches “Kindness and Mercy” campaign to raise aw ...
Ford Middle East achieves highest first-quarter sales since 2016
Deliverect honours top restaurants in UAE and Saudi Arabia with 0% failed orders ...
The Matcha Tokyo Debuts In Dubai
McNulty defends US TT title as Molano top-5 in Giro D'Italia
Sheikh Mansoor lauds Sheikh Ahmed bin Rashid and Rashid bin Hamdan Mansoor bin M ...
The Authority of Social Contribution – Ma'an, Allocated AED 91M in Contributions ...
Emirates begins operating with SAF at London Heathrow Airport
Agility Global PLC Reports Q1 2024 Net Profit of $30.5 Million
Dubai Civil Aviation Authority Shines Spotlight on Air Transport Enablement at A ...
Dubai Culture and National Library & Archives Discuss Emirati Heritage in new Le ...
Union Coop Wins "Nafis" Award 2023-24
Cigna Run&Fitness supports People of Determination
Dubai Health Authority and Appolonia Dental Group signed a memorandum of underst ...
Dubai Municipality introduces cutting-edge smart and remotely operated marine sc ...
Deyaar posts AED 77.5 million Net Profit Before Tax, up 38% YOY in Q1 2024