Al Ansari Exchange, a provider of worldwide remittance and foreign exchange services, has recently acquired membership to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative organisation that provides standardised and secure financial messaging services to financial institutions worldwide.
By joining the SWIFT community, the exchange house is now able to send/receive structured messages such as cover payments, payment instructions, advice of payments and treasury confirmations more securely.
Al Ansari Exchange can also improve standardisation and simplify administration, which will lead to reduced costs and operational risks, enhanced operational efficiency and customer service advancement. Furthermore, SWIFT connectivity also provides Al Ansari Exchange global reach with correspondent banks on a real time basis, which paves the way for faster currency settlements, reconciliation and regulated communication flows.
Mohammad Al Ansari, MD of Al Ansari Exchange, said: “In our ever-growing operations, our priorities have expanded towards strengthening our infrastructure to enable us to sustain the quality of services we provide to our customers. Our move to gain membership with SWIFT underlines the premium we place in the security of our customers’ transactions and our high regard to organisation and standardisation, which continue to ensure efficiency in our business.
“SWIFT plays a vital role in inspiring the financial community to work together for a more standardised market place where mutual interest prevails, and we are proud to be among the esteemed organisations to be part of this community. We are also very pleased with the benefits we are enjoying as a result of our membership with SWIFT, which continue to help us automate and standardise financial transactions and create new business opportunities and revenue streams.”