The Central Bank of Egypt (CBE) recently announced the completed implementation of BankServ's Swift connectivity solution for its Real-Time Gross Settlement (RTGS) system, which enables large-value fund transfers and settlements on an electronic basis in real-time rather than settling at the end of the day.
The new RTGS system is a major part of modernizing the financial markets in Egypt and building a foundation for other RTGS systems to emulate. CBE deals with over 40 banks, large and small, throughout Egypt and their participation is a key part in bringing forth new and improved message processing.
CBE has chosen to use BankServ's TurboSwift products through our value-added partner in Egypt, B&F Soft. BankServ's TurboSwift products are powerful, automated and highly configurable. By using TurboSwift, CBE is able to simply provide a cost-effective solution for managing international payments throughout its extensive network. Over 150 of BankServ's TurboConnect and TurboWeb products are being installed in branches across Egypt connecting them to CBE's RTGS system and providing secure automated SWIFT message processing. BankServ's scalable TurboSwift products provide CBE with the infrastructure they need today and the ability to grow quickly in the future.
According to Mr. Tarek Raouf, sub-governor, payment systems and business technology sector, CBE "we needed this connection to the SWIFT network to consolidate systems, enhance multi-bank communications, while reducing costs and improving security, given the inherent standards offered by the SWIFT network. Our long-time partner, BankServ, has successfully implemented SWIFT connectivity using their TurboSwift products for other areas of our bank operations. We have been very satisfied with the performance and reliability of the TurboSwift solutions, and we wanted the same configurable platform throughout our infrastructure."
Installation of the new system was conducted by B&F Soft, BankServ's value-added partner for distribution and customer support in Egypt. Mohamed Ell Shandidy- Managing Director, of B&F Soft, commented, "We are pleased to have collaborated with CBE and BankServ on this strategically important project. There is a clear need in the Egyptian market for cost-effect-effective messaging solutions, and BankServ's products are a perfect fit to solve this need."
BankServ's TurboSwift solution includes the FIN interface, Y-Copy Functionality and direct connection to IBM's Websphere MQ infrastructure, deployed by CBE.