Mubasher, HSBC partner on stock payment deal
Dubai, May 24, 2011
Mubasher Financial Services (MFS), a top online trading platform, and HSBC have partnered on a solution towards enhancing the speed and security of stock payments processed by MFS.
The solution – the first of its kind for HSBC in the region – will see HSBC’s payments and cash management (PCM) team implementing its SWIFTnet payment integration services to support integrated solutions using the SWIFT platform.
SWIFTNet is a worldwide financial messaging network that exchanges messages between banks and other financial institutions.
By adopting SWIFTNet services, Mubasher ensures that its daily critical stock exchange settlement payments are executed in a highly efficient straight through automated manner, a statement said.
Mubasher, which constantly establishes new benchmarks in technology-based financial services, will adopt the HSBC-supported SWIFTNet capabilities for its global transactions, it added.
“Our existing business model involves time-bound execution of critical high-value payments on a daily basis,” said Malek Kanawati, CEO of Mubasher Financial Services.
“We wanted an easily-deployable banking solution that could enhance the speed of such payments without compromising the integrity of our transactions.”
“The SWIFTNet system is an excellent fit to Mubasher’s operations as this internationally-recognized platform allows us to deliver the highest levels of services to our regional and global clients. It also extends HSBC’s reach to the vibrant stock markets Mubasher operates on,” he added.
Natasha Patel, head of payments & cash management, HSBC Mena, said: “After a detailed study of Mubasher’s payment processes, the HSBC PCM team proposed its SWIFTnet payment integration services.”
“The solution will enable Mubasher to ensure that the critical stock exchange settlement payments are executed in a straight through automated manner resulting in secure and faster execution.”
“We were delighted to work closely with the MFS team on this implementation and look forward to partnering with the company as they look to expand their broker and customer base around the world,” Patel concluded. – TradeArabia News Service