The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has awarded JSE Securities Exchange-listed Global Technology sole distributorship of its SWIFTNet messaging and interbank clearing system for the Southern African Development Community (SADC) countries, and Kenya, Uganda and Madagascar.
Global snapped up the SWIFTNet distributorship ahead of fierce local and international competition on the strength of its relationship with SWIFT and five-year track record it has built up as a business partner distributing and installing the other SWIFT solutions.
"Our bid was certainly not harmed by the letter of intent we signed with the Clearing and Settlement Depositories Participant (CSDP)," says Global Technology`s Paul van Dyk. "They plan to implement SWIFTNet to replace the bulk of their existing messaging system." The CSDP represents all the major South African clearing banks.
SWIFT was formed in 1974 to create a shared, worldwide, telecommunications system with a common language for international financial transactions. SWIFTNet is a new-generation SWIFT product that facilitates front-end dealing and trading as well as back-end processing and settlements online in an interactive and real-time environment.
"The distributorship is a coup for Global and another successful step in our mission to provide complete IT solutions to African banks," says Van Dyk. "The deal enables us to roll out SWIFTNet`s secure and efficient financial messaging and clearing system in the SADC region, leveraging off SWIFT`s expertise in the global banking arena. We will actively market SWIFTNet as an integral part of our portfolio of banking solutions, taking ownership of entire projects and providing a single point of contact for SWIFT users.
"Clients in the SADC countries will benefit from the new technology inherent in SWIFTNet that redefines the value proposition for users by providing a single window to the financial extranet," says Van Dyk. "Global will wrap its own specialised banking IT services around SWIFTNet to ensure clients maximise the new system`s efficiency. Our experience and intimate knowledge of banking in Africa enables us to implement the full functionality and effectiveness of SWIFTNet for local clients through a `one-stop` installation, monitoring and service offering."
The improved functionality provided by SWIFTNet is complemented by deeper integration with middleware and core banking applications, resulting in better interoperability and increased straight through processing (STP) rates.
Global Technology is a leading provider of solutions to the banking, insurance and financial communities across Africa and Australia.
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