Wall Street Exchange goes live on SWIFTRemit, first in Gulf to get certification
Dubai, November 19, 2012: Wall Street Exchange Centre, a subsidiary of Emirates Post Group, has obtained SWIFTRemit certification, which allows it to bring the speed, efficiency and security of the SWIFT platform to its retail remittance business.
Wall Street Exchange is the first financial institution in the Gulf to go live with the SWIFTRemit service, joining 82 institutions globally that are so far registered to the service.
SWIFTRemit is a unified platform that enables even small remitters to enjoy the benefits of SWIFT. One of its key advantages is that money can be transferred immediately with higher security and a more professional service.
Wall Street Exchange was certified for the SWIFTRemit service going live, after a successful completion of the minimum mandatory SWIFTRemit certification tests.
Sultan Bin Kharsham, Managing Director of Wall Street Exchange Centre, said: "We are delighted to be the first money transfer company in the Gulf to go live with the SWIFTRemittance service which is set to revolutionise the concept of remittances, especially for the common man. Being awarded such a prestigious certification endorses our standing as a first-rate professional remittance player, and we are committed to passing on the benefits to the consumer."
Mr. Bin Kharsham said that Wall Street has 150 correspondent banks worldwide, out of which 15 banks are already members of SWIFTRemit.
SWIFTRemit provides the first truly global platform for person-to-person payments, by connecting banks, money transfer operators (MTOs) and other types of supervised payment institutions over the highly secure and stable SWIFT network. Until now, corporate customers have been the biggest users of SWIFT for money transfers.
SWIFTRemit helps banks provide better customer service in the form of additional flexibility, and cost and time transparency. With SWIFTRemit, money transfers can be made in cash and to accounts. The service is mobile-enabled and provides for mobile instructed payments, notifications and payouts, including payments to mobile wallets.
Wall Street Exchange has been providing a wide range of foreign exchange, money transfer and related services in the UAE for the past 30 years. Continued growth has led Wall Street Exchange to set up a worldwide network that includes offices in the UK, UAE and Hong Kong.
Onur Ozan, Senior Account Director, SWIFT, said: "The exchange house community, including Wall Street Exchange, has been a driving force in the Middle East for innovation and quality in the international remittance market on SWIFT. We are delighted by this major step forward taken by Wall Street Exchange with SWIFTRemit certification. They are now able to offer to customers best-in-class remittance services to customers for multiple payment instruments on multiple channels at service conditions scaling up to real time instant payment to more than 10000 financial institutions on SWIFT."
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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