Cashswitch Corporation, an e-finance services provider based in Dubai Internet City (DIC), has launched its Online Remittance Service for Money Exchange Houses. Cashswitch is promoted by the Bahwan Group from the Sultanate of Oman and is partnered with the Emirates Bank Group, Thomas Cook Al-Rostamani Exchange Co. and Al-Fardhan Exchange. Cashswitch is powered by Hewlett-Packard, Oracle, BEA Systems and Cisco. The concept behind Cashswitch is similar to the general notion of on-line banking, except that it encompasses a local and foreign currency capability with other features to come. The e-Remittance service provides an Internet channel for making a remittance from an Exchange House. Initially this secure portal makes remittances to India, Pakistan, the Philippines, Sri Lanka and Bangladesh. Remittances to other continents will be enabled in the second phase of this project. Now available to all account holders of the Emirates Bank Group banks—Emirates Bank International, Middle East Bank and meBANK—the service enables them to transfer money directly from their bank account to the Exchange House account for funding their remittance. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
