DGCX makes Swift move for banking message network
DUBAI Gold and Commodities Exchange (DGCX) has become a member of the international banking network Swift after deploying solutions from EastNets.
Swift (The Society for Worldwide Interbank Financial Telecommunication) is a worldwide network used by banks and other financial institutions to exchange messages concerning financial transactions.
DGCX, an international commodity exchange, has become a direct Swift member under the category of Recognised Exchanges.
It achieved this status after deploying the EastNet Service Bureau (ENSB), SwiftNet and PayGate solutions.
These comprise a fully managed end-to-end STP (Straight Through Processing) solution, which integrates DGCX’s proprietary systems with SwiftNet.
EastNets will also provide DGCX with professional services, including technical design, project implementation, project management and ongoing support.
“For a fledgling exchange such as DGCX, it is extremely important that it adopts the globally accepted industry standards for settlement of its commodities and currency contracts,” said Framroze Pochara, chief executive of DGCX. “The Swift membership puts DGCX in the league of other established international exchange,” Pochara added.
Now that it is a Swift member DGCX can take advantage the various benefits that the network offers including real time transaction processing, security real time reporting and file transfers. This will enhance DGCX’s financial settlement framework and will allow for the speedy clearance of funds among banks that are also part of the Swift network.
“We are very pleased to have been chosen by DGCX to provide them with these solutions,” said Hazem Mulhim, CEO of EastNets.
“The core of the proposed solution uses a product developed by EastNets called PayGate which is designed to eliminate manual interventions within processes and introduce automation,” Mulhim stated.