East­nets part­ners with Kuwait’s Boubyan bank

The Gulf Today - Business - - REGION -

KUWAIT: 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.”

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