Cashswitch builds Internet infrastructure on Oracle

Portal site enables customers to make remittances outside of normal business hours, transfer funds between banks and deal in multiple currencies.

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By  Greg Wilson Published  August 12, 2002

Internet financial services provider, Cashswitch has developed its portfolio of cash remittance services around Oracle.

Cashswitch’s portal connects a number of regional banks with exchange houses in India, Pakistan, the Philippines, Sri Lanka and Bangladesh, providing customers with greater flexibility to transfer funds directly from their bank accounts, make remittances outside of business hours, and deal in multiple currencies.

“Greater customer convenience through utilisation of the Internet was among the primary incentives behind the launch of Cashswitch,” says Hind Bahwan, chairperson of Cashswitch.

“Reliability and security are also vital components of the Cashswitch service... In order to gain and maintain consumer confidence, the service must deliver on its promise of round-the-clock availability, security and functionality. The highly available nature of Oracle’s database technology made it an ideal fit for Cashswitch,” he adds.

The e-financial services provider plans to increase the number of countries to which users are able to remit funds. Cashswitch is also intends to offer additional services including the capability to invest in mutual funds, bonds, and fixed deposits, as well as bill payment, cash advance, and loan functionalities.

“A fundamental component of successful e-business today is creating new products and services that make key transactions easier, faster, and more convenient. Oracle is proud to act as the technology provider for Cashswitch, ensuring that this innovative online venture is both high-performance and extremely reliable,” adds Husam Dajani, vice president for Oracle Middle East.

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