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.





Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Plan your media strategy with Technews Publishing
October 2019 , News
Dear Marketer, Have you ever looked back on a year and wondered how you survived it? For the majority of South Africans, 2019 started benignly enough, cosily wrapped in the blanket of Ramaphoria that ...

Read more...
The Open Security & Safety Alliance celebrates first anniversary
October 2019 , News
Membership triples within first 12 months; ongoing industry work reduces market fragmentation and friction across security and safety landscapes.

Read more...
AWS launches Equity Equivalent Investment Programme
October 2019 , News
Amazon Web Services launches Equity Equivalent Investment Programme with the department of trade and industry to help more South African businesses to innovate.

Read more...
2020 Residential Estate Security Conference in KZN
October 2019, Technews Publishing , News, Residential Estate (Industry)
Meeting the residential security challenges in 2020 and beyond: Hi-Tech Security Solutions will host the Residential Estate Security Conference 2020 in Durban on 12 March 2020.

Read more...
Kaspersky uncovers zero-day in Chrome
October 2019, Kaspersky , News, Cyber Security
Kaspersky’s automated technologies have detected a new exploited vulnerability in the Google Chrome web browser.

Read more...
Drones and Digital Aviation Conference
October 2019 , News, Conferences & Events
Drones have opened airspaces for everyone in ways that humans had not imagined; to the extent that there is a drone to almost every kind of problem on earth. Drones already have the ability to increase ...

Read more...
From the editor's desk: What a year it has been!
November 2019, Technews Publishing , News
We’ve made it to the last issue of 2019. This year has been a tough one for the local security industry with almost everyone feeling the effects of the poor economy that shows no signs of recovery. Naturally ...

Read more...
Pelco appoints CEO
November 2019 , News
Pelco announced the appointment of Kurt Takahashi as chief executive officer, effective 1 November 2019.

Read more...
SAST demonstrates first open app store for AI video analytics
November 2019 , News
SAST demonstrated its open IoT platform for video surveillance cameras in September, showcasing real-world examples of the SAST camera operating system and global IoT marketplace.

Read more...
doculam celebrates 40th anniversary
November 2019, doculam , News
Forty years down the line, doculam has survived 10 South African presidents and grown into a multi-million rand business with five branches

Read more...