New support for financial transactions

November 2008 News

Security companies doing business in Africa and the Middle East can now effect safer, simpler and less costly financial transactions through Bankserv’s Swift Bureau services, available in South Africa, COMESA (Common Market for Eastern and Southern Africa) and beyond.

Automated Clearing House BANKSERV has confirmed the acquisition of FIN-X, a company providing SWIFT Bureau services and OFAC security filtering to commercial banks and financial institutions throughout Africa and the Middle East, reducing risk, cost and complexity in financial transactions.

“The acquisition complements a key component of BANKSERV’s strategy, which is providing banking clients with the highest quality of transaction, switching and value-added services in support of their business objectives while effecting significant cost savings and reducing risk and complexity in the industry,” says Pieter Cilliers, BANKSERV CEO. “FIN-X’s penetration of the African market and its proven expertise in the marketing of the SWIFT Service Bureau make it an ideal acquisition for BANKSERV.”

FIN-X brings to BANKSERV’s network 54 commercial banks and financial institutions in 24 countries across Africa and the Middle East.

“The resources of BANKSERV will bring major new opportunities to FIN-X and our clients in Africa – and beyond – enhancing the successful service model which we have built up over the past decade,” says Willie Stoman of FIN-X.

The FIN-X Service Bureau operates the connection to SWIFTNet and the SWIFT interface on behalf of the institutions. Fully approved by SWIFT Brussels, the bureau currently provides access to the SWIFT Network at a significantly reduced cost.





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