EastNets, the leading payment and security solutions provider for the government and financial services industries in the Middle East, has announced that it is organizing a workshop on November 22, 2005 at Shangri-La Hotel, Dubai with the aim to bring SWIFT to the capital markets in the region. The event, to be held in co-ordination with SWIFT, an EastNets partner, will also see the introduction of a series of SWIFTNet solutions for the securities industry.
The main focus of the workshop will be on issues pertaining to Straight-Through Processing (STP) enablement of the regional markets, integration of the region with the growth of the capital markets, and the required outcome of increase in liquidity, efficiency and transparency, which form the core for sustained growth of the capital markets and the securities industry.
“The workshop is primarily aimed at providing businesses and organizations in the Middle East a better understanding of SWIFT solutions and the important role these solutions could play in driving the growth of the region’s capital markets,” said Hazem Mulhim, CEO, EastNets. “The day-long workshop will be attended by EastNets clients from different sectors, including the financial industry, government institutions and the corporate sector. The event provides an excellent opportunity for EastNets, SWIFT as well as our clients to meet, interact and exchange ideas, and facilitate the advancement of the regional markets.”
“A major topic the workshop will address is the significance of Straight-Through Processing to the regional capital markets. The event will discuss in detail the fundamentals of STP, and seek to impress upon participants the many benefits to be gained by adopting the solution. STP automates the end-to-end processing of transactions for all financial instruments from initiation to resolution, allows higher accuracy of trade execution and settlement and eliminates many manual activities and redundant processes in the processing of trade transactions, besides reducing operational costs,” Mulhim added.
EastNets is a recognized SWIFT Business, Service and Solution partner. SWIFT is the financial industry-owned cooperative supplying secure, standardized messaging services and interface software to 7,800 financial institutions in more than 200 countries. SWIFT delivers quantifiable business value and proven technical excellence to its members through its comprehensive messaging standards, the security and reliability of its messaging platform and its role in advancing STP.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the financial industry-owned co-operative supplying secure, standardized messaging services and interface software to 7,650 financial institutions in over 200 countries. SWIFT's worldwide community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade.
About EastNets:
Founded in 1984, EastNets, formally known as Eastern Networks , is a leading Payments and Security Solution Provider for the government and financial service industry. As a recognized market leader, the company is strategically positioned with offices across the broader Middle East region providing products and services either directly to our customers, or on a hosted basis through the EastNets Service Bureau (ENSB). In addition to its presence in the UAE, EastNets is strategically positioned in five other major markets, with offices in Jordan, Turkey, Bulgaria, Egypt, and Bahrain.
