The Central Bank of Egypt (CBE) has gone live with 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 part of modernising the financial markets in Egypt. CBE deals with over 40 banks, large and small, throughout the country.
CBE chose TurboSwift products through BankServ’s partner in Egypt, B&F Soft. By using TurboSwift, CBE is able to provide a cost-effective solution for managing international payments throughout its network. Over 150 of 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.
Tarek Raouf, sub-governor, payment systems and business technology sector at CBE, said: “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.”
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