More money transfer firms join SWIFT network By FinTech Innovation editors | 2016-06-15

By 2016년 6월 21일 NEWS No Comments

WIFT, each corporate has their own unique SWIFT code which can be used to facilitate secure and reliable financial messaging with banks and financial institutions on the SWIFT network. It allows for cost efficiency, and the ability to transfer money securely and reliably even in many different currencies. Money transfer companies will have single-window access to SWIFT’s messaging services to send or receive information such as payments, settlement instructions, FX confirmations, statements and reports.

So Young Park, CEO of PayGate announced that “PayGate has connected into the SWIFT network to enable InternationalCash Management Service (CMS) and fund transfers to global partners. By joining the SWIFT network, PayGate can improve the reliability of our global remittance services. We will be more efficient in our operations and can foresee a positive impact to our business.”

Rosalind Lim, Head of Group Operations in ONEPIP adds, “We are confident that by joining SWIFT, it will evidently lower costs and risks, while increase reliability. With the business steadily growing, we are starting to process transactions of substantial amounts. It is fundamental that we leave zero room for mistakes and errors to in order to ensure the highest standards of accuracy and quality for our clients”.

Abd Hamid, CEO MaxMoney says “MaxMoney is a money transfer company that focuses on innovative FinTech Platform incorporating both Online + Brick & Mortar business model to enhance customer satisfaction with real time money transfers. This is why it is important that we connect to the SWIFT network which enables us to move funds efficiently and in a secure environment.”

Stella Lim, Head of Corporate Sales, Asia Pacific, SWIFT, comments that, “By leveraging SWIFT technology, money transfer customers will gain transparency on their cash visibility through multi-bank connectivity. We are very pleased to welcome this new segment to the SWIFT platform and are looking forward to support them with additional services such as Compliance for Corporate solutions. In an ever changing regulatory environment, money transfer companies need to equip themselves to meet compliance obligations and comply with global and local regulatory requirements. SWIFT is committed to further develop and enhance appropriate solutions for our corporates.”

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