French e-payments firm Happydoo joins Financial Tradeware Swift MA-CUG

Source: Financial Tradeware

Financial Tradeware, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions, today announced French based e-Banking service provider, Happydoo SAS joins its Member Administered Closed User Group (MA-CUG), enabling low cost SWIFT connectivity for this growing Corporate.

Happydoo SAS, launched in January 2001, provides web-based electronic payment services for online retailers. An essential part of the service provided to its clients requires the settlement of transactions with major banks such as Barclays (UK), HSBC (UK), Caixa Catalunya (Spain), Banco Popular (Spain), Caisses d'Epargne (France), SEB (Estonia), BPA (Andorra). With transactions of over 3 million Euros monthly, and growing, the need for efficient, secure and affordable transaction processing and settlement was essential. In addition, the automatic and speedy processing of customer accounts and commissions on these transactions, whether in Euros or other currencies, was required.

Daniel Droetto, President of Happydoo SAS comments "With a fast growing business like ours, our reputation is built on an efficient and secure payment process capability. As a Corporate, direct connectivity to networks such as SWIFT, is prohibited for us at this stage. We were pleased to be introduced by SWIFT to the Financial Tradeware MA-CUG service. It offers the functionality that we need, at a cost we can afford and will mirror our needs as we expand our business."

Using the SWIFTNet infrastructure and evolving set of complementary messaging services, starting with FileAct, Happydoo SAS will be able to access a single, secure communication channel to send and receive standardised messages (FIN, FIX, XML and others) - automatically or manually - to and from the MA-CUG Service Administrator, who has direct access to their various correspondents through the SWIFTNet network of more than 7500 financial counterparties.

Benefits for MA-CUG participants include:
  • Single window to SWIFTNet
  • Low cost corporate connectivity:
  • Independence (Choice of services and correspondents)
  • Optimisation of the communication to financial counterparties
  • Enhancement of client service

Financial Tradeware represents the Service Administrator of the MA-CUG, the Service Sponsor is Bordeaux-based Européenne de Gestion Privée SA - a company owned by the same group of companies and sharing the same management of Financial Tradeware.

Graham Bright, Managing Director of Financial Tradeware adds "We are uniquely positioned to offer the MA-CUG service for companies who can benefit from low-cost SWIFT connectivity. We offer the highest level of security, efficiency and reliability associated with SWIFT Network with the benefit of affordable fees for Corporates such as Happydoo SAS. We look forward to supporting their business needs as they grow and prosper."

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