BANKSERV confirms FIN-X acquisition

FIN-X brings to BANKSERV's network, 54 commercial banks and financial institutions in 24 countries across Africa and the Middle East.

“The resources of BANKSERV will bring major new opportunities to FIN-X and our clients in Africa, and beyond, enhancing the successful service model which we have built up over the past decade,” says Willie Stoman of FIN-X.

The FIN-X Service Bureau operates the connection to SWIFTNet and the SWIFT interface on behalf of the institutions. Fully approved by SWIFT Brussels, the bureau currently provides access to the SWIFT Network at a significantly reduced cost. The OFAC filtering solutions facilitate the fight against money-laundering and terrorist financing, and enforce economic sanctions at a time when most governments are reinforcing their regulations in illegal trafficking. Thus general message screening compliance and customer monitoring have become major concerns for financial institutions.

The Service Bureau works in close association with COMESA (Common Market for Eastern and Southern Africa) Clearing House to enable banks to become SWIFT Ready as countries implement their RTGS (real-time gross settlement) systems. FIN-X has been selected to be the COMESA Regional Operational centre to operate and host the COMESA Regional Payment and Settlement System (REPSS), which will connect 20 central banks into the COMESA Clearing House through the FIN-X Service Bureau. This electronic platform will bring multiple benefits to the region.