Grants cerification
Wall Street Exchange Centre, a subsidiary of Emirates Post Group, has obtained SWIFTRemit certification which allows it to utilise the SWIFT platform to its retail remittance business (view press release). SWIFTRemit is a unified platform that enables remitters to transfer money immediately. Wall Street Exchange was certified for the SWIFTRemit service after a successful completion of the minimum mandatory certification tests.
Sultan Bin Kharsham, MD of Wall Street Exchange Centre, said: “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.”
SWIFTRemit provides a global platform for person-to-person payments by connecting banks, money transfer operators and supervised payment institutions overs the SWIFT network. Transfers can be made in cash and to accounts. The service is mobile-enabled and provides for mobile instructed payments, notifications and pay-outs, including payments to mobile wallets.
“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,” said Onur Ozan, senior account director of SWIFT.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
