Cashswitch to provide ASP Internet banking

Financial services company, Cashswitch, has licensed Midas-Kapiti International’s (MKI) Fontis iBanking solution in an attempt to establish itself as an e-banking application service provider (ASP) within the Gulf region.

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By  Matthew Southwell Published  September 30, 2001

Financial services company, Cashswitch, has licensed Midas-Kapiti International’s (MKI) Fontis iBanking solution in an attempt to establish itself as an e-banking application service provider (ASP) within the Gulf region.

By acting as an ASP, Cashswitch will provide an Internet banking services, such as account management, transaction enquiries and secure funds transfers to banks either unable unwilling to invest in the necessary IT infrastructure.

The company’s ASP pitch is nothing new in terms of benefits, as it is touting the immediacy and relatively low cost of its solution, but it is one of the first to come to market within the region. Emirates International Bank, for example, is already providing ASP services to its own divergent banks but has yet to take it’s offering public.

“As customers demand online access to their accounts, banks are now seeking economically viable ways to meet their demands. By offering MKI’s Fontis solution, Cashswitch is in the able to not only meet but exceed their e-banking requirements,” says Hind Suhail Bahwan, chairperson, Cashswitch.

“At Cashswitch we believe that fast and economical implementations of quality technology products are essential for regional banks entering the e-banking arena. For this reason, we closely evaluated the e-banking solutions in the market before finally selecting Fontis as our platform of choice,” adds R. Seetharaman, CEO, Cashswitch.

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