BankServ, worldwide experts in electronic payments, announced today that Lebanese Swiss Bank (LSB) has completed a full systems upgrade to the latest version of TurboSwift.
LSB is now connecting to SWIFT via the BankServ SWIFT Service Bureau resulting in reduced costs, increased processing efficiency and faster more reliable swift connectivity. As part of the TurboSwift implementation, the bank also enjoyed a stress-free SWIFTNet Phase 2 upgrade.
Lebanese Swiss Bank is a leading bank in the Middle East region. Faced with increasing communication costs, disruption to daily SWIFT services and an impending SWIFT infrastructure upgrade, the bank turned to the latest version of TurboSwift from BankServ. LSB carried out a detailed evaluation including an RFP process and looked at competing service bureau offerings.
"We selected BankServ's SWIFT Service Bureau, powered by TurboSwift based on a number of factors: it was the best option in terms of price, service quality and the availability of local support. The latest version of TurboSwift has given us the ability to work more efficiently and effectively and we have met the SWIFTNet Phase 2 deadline without the effort and frustration often associated with maintenance of SWIFT infrastructure," said Mr. Jean Doumanian, SWIFT in Charge, LSB, "In addition to sending FIN messages we gained the ability to use other SWIFT services and third parties services that use the SWIFT network. We have complete trust in BankServ and their local partner, Information Management Ltd (IML) and their ability to support our on-going need for secure and reliable SWIFT connectivity."
"LSB is a respected name in the middle eastern financial community. We are pleased to have established a long term working relationship and to have supported them through demanding circumstances. IML has proved itself to be an excellent partner with their long track record in the local financial services market and is well positioned to support the needs of other clients in the region," said Mary Ellen Putnam, Vice President of International Business, BankServ.
Doumanian concluded, "We have had a long and successful history whistory with BankServ and IML. Together they have ensured we have had SWIFT communications and connectivity even during the difficult situation over the last 10 years in Lebanon. Whilst working on the TurboSwift upgrade project, we enjoyed a very positive experience. BankServ showed a high degree of professionalism, commitment to the project objectives and respect to the project deadlines."
Cherif Bedran, Managing Director of IML said, "Local conditions in the Middle East can be extremely challenging with difficulties in establishing secure SWIFT infrastructure to support banks' 21st century processing requirements. We have blended our local expertise with the proven BankServ solutions for SWIFT connectivity into an unbeatable combination that has been well received by banks in the local market."