By Brid-Aine Conway
KFH is deploying Eastern Network's SWIFT integration method to migrate its bank-to-bank payment processes
Kuwait Finance House (KFH) is in the process of changing its interbank payment processes from its previous point-to-point connection to a SWIFT network. The application provided by Eastern Networks (EastNets) fulfills the bank's requirement to record interbank domestic payments on accounting systems for reconciliation purposes.
Many international country-to-country transfers are executed using the SWIFT system.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, operates a global network to facilitate the secure transfer of financial messages. Using these messages, banks can exchange data for transfer of funds between different financial institutions. SWIFT also acts as a United Nations sanctioned ISO for the creation and maintenance of financial messaging standards as well as marketing software and services to financial institutions.
EastNets' payment gateway is developed on Micorsoft.NET and is designed to automate SWIFT messages between banks and provide a single window to a bank's internal trade finance, core banking and investment banking applications.
"Within six months of the implementation of SWIFT integration solution, we expect to see greater efficiencies, fewer errors and a reduction in costs. As market leaders, we are constantly trying to maximise the effectiveness of our procedures in order to provide the highest levels of service to our clients and achieve impressive returns for our investors whilst complying with Islamic Shari'a principles," said Anwar Bader Al-Ghaith, deputy assistant to the general manager-operations at KFH.
According to EastNets, using Microsoft BizTalk Server 2006 as the core integration and process management engine enables customers to implement a flexible and robust infrastructure for SWIFT connectivity. With the addition of Microsoft BizTalk Accelerator for SWIFT, KFH is also able to integrate all internal systems and generate SWIFT format messages for interbank payments and the settling of transactions.
"The Middle East is growing rapidly and financial institutions in this region are looking to play a more significant role in global financial services. To compete on the world stage, it is vital these organisations comply with global standards, and modernising payments systems and infrastructures is a major focus for our customers," said Sheida Hadji-Ashrafi, industry manager for payments at Microsoft.