Petra Financial has formed a partnership with EastNets, a provider of compliance and payments applications and services, to resell Vortex, a payments solution with an IBAN validation component.
Financial institutions and banks require IBAN validation to speed end-to-end payment processing since the value is high. EastNets will now resell Petra’s Vortex solution enabling banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages.
“The banks and financial institutions around the world need a trusted provider for banking applications, services, and SWIFT access,” says Hazem Mulhim, CEO of EastNets. “We see that Petra Financial’s focus on solutions that provide faster and easier payments initiation with reduced errors for improved risk control support a growing market for outsourced services that deliver value and benefit.
“Petra Financial is very pleased to add EastNets to our partner network. EastNets has both the trust of the market, as the largest SWIFT Service bureau in the Middle East and North Africa region, and a shared enthusiasm for delivering simple yet effective solutions that make a difference to their customers,” says David Sinclair, CEO of Petra Financial.
Vortex is Petra Financial’s online and SaaS delivered application that enables banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages. Petra Financial’s solutions deliver increased STP, and can be implemented in as little as 14 days, and deliver return on investment (ROI) within months and not years; through a subscription rather than initial license fee.
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