SWIFT announces that there is an increase of money transfer corporates in Asia-Pacific joining SWIFT, and this is a new segment market. ONEPIP, PayGate and MaxMoney are some of the corporations to have recently connected, in order to take advantage of SWIFT’s offering for corporates.
Money transfer company by nature provides payments services to consumers outside of the conventional banking system. They offer worldwide money transfer through global networks connecting to various agents, location retailers, international post offices and banks. Treasury departments are core to their business as they require efficient, effective transfer of funds in various currencies globally along with transparent cash visibility on cash position in order to minimise financial risk.
As a member of SWIFT, each corporate has their own unique SWIFT code which can be used to facilitate secure and reliable financial messaging, which is to utilise SWIFT’s connectivity with banks and financial institutions through a single, secure and reliable channel. SWIFT provides the communication platform, products and services to connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. It allows for cost efficiency, and the ability to transfer money securely and reliably even in many different currencies. It provides money transfer companies with a single-window access to SWIFT’s messaging services to send or receive information such as payments, settlement instructions, FX confirmations, statements and reports.
So Young Park, CEO of PayGate announced that, “PayGate has connected into the SWIFT network to enable International Cash Management Service (CMS) and fund transfers to global partners. By joining the SWIFT network, PayGate can improve the reliability of our global remittance services. We will be more efficient in our operations and can foresee a positive impact to our business.”
Rosalind Lim, Head of Group Operations in ONEPIP adds, “We are confident that by joining SWIFT, it will evidently lower costs and risks, while increase reliability. With the business steadily growing, we’restarting to process transactions of substantial amounts. It is fundamental that we leave zero room for mistakes and errors in order to ensure the highest standards of accuracy and quality for our clients.”
Abd Hamid, CEO MaxMoney says, “MaxMoney is a money transfer company that focuses on innovative FinTech Platform incorporating both Online + Brick & Mortar business model to enhance customer satisfaction with real time money transfers. This is why it’s important that we connect to the SWIFT network which enables us to move funds efficiently and in a secure environment.”
Stella Lim, Head of Corporate Sales, Asia Pacific, SWIFT, comments that, “By leveraging SWIFT technology, money transfer customers will gain transparency on their cash visibility through multi-bank connectivity. We’re very pleased to welcome this new segment to the SWIFT platform and are looking forward to support them with additional services such as Compliance for Corporate solutions. In an ever changing regulatory environment, money transfer companies need to equip themselves to meet compliance obligations and comply with global and local regulatory requirements. SWIFT is committed to further develop and enhance appropriate solutions for our corporates.”