Payments partnership

 

Mubasher Financial Services (MFS), one of the Middle East’s top online trading platforms, has announced that HS BC’s payments and cash management team will be implementing its SWIFTNet payment integration services “to enhance the
speed and security of stock payments processed by MFS”.

The solution – the first of its kind for HS BC in the region – is said to highlight the bank’s leadership in supporting integrated solutions using the SWIFT platform. SWIFTNet is a worldwide financial messaging network that exchanges messages between banks and other financial institutions.

 

                                                                                                                                                                                              Malek Kanawati, chief executive officer of MFS

 

“Our existing business model involves time-bound execution of critical highvalue payments on a daily basis,” said Malek Kanawati, chief executive officer of MFS. “We wanted an easily-deployable banking solution that could enhance the speed of such payments without compromising the integrity of our transactions. The SWIFTNet system is an excellent fit to Mubasher’s operations as this internationally-recognised platform allows us to deliver the highest levels of services to our regional and global clients. It also extends HS BC’s reach to the vibrant stock markets on which Mubasher operates on.”

“After a detailed study of Mubasher’s payment processes, the HSBC payments and cash management team proposed its SWIFTNet payment integration services,” said Natasha Patel, head of payments and cash management HSBC MENA . The solution will enable Mubasher to ensure that critical stock exchange settlement payments are executed in a straight through automated manner resulting in secure and faster execution.

“We look forward to partnering with the company as it looks to expand its broker and customer base around the world.