• HSBC

Petra Financial and EastNets announce partnership to deliver IBAN validation solutions

  • United Arab Emirates: Monday, June 01 - 2009 at 13:11
  • PRESS RELEASE

Petra Financial recently announced that it has formed a partnership with EastNets to resell Vortex, a global payments solution with an IBAN (International Bank Account Number) validation component.

Financial institutions and banks require IBAN validation to speed end-to-end payment processing since the value is high. EastNets will now resell Petra's Vortex solution enabling banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages.

"The banks and financial institutions around the world need a trusted provider for banking applications, services, and SWIFT access. We see that Petra Financial's focus on solutions that provide faster and easier payments initiation with reduced errors for improved risk control support a growing market for outsourced services that deliver value and benefit,"


said Hazem Mulhim, CEO of EastNets.

"Petra Financial is pleased to add EastNets to our partner network. EastNets has both the trust of the market, as the largest SWIFT Service bureau in the Middle East and North Africa region, and a shared enthusiasm for delivering simple yet effective solutions that make a difference to their customers," said David Sinclair, CEO of Petra Financial.

"We look forward to working together with Petra Financial. They understand what their customers and the market needs, and deliver simple, robust and attractive solutions that users like to work with," Mulhim added.

Vortex is Petra Financial's online and SaaS delivered application that enables banks and institutions to initiate, automate, check, validate, and enrich SWIFT payments messages. Petra Financial's solutions deliver increased STP, and can be implemented in as little as 14 days, and deliver return on investment (ROI) within months and not years; through a subscription rather than initial license fee.

"The Middle East and North Africa are high growth regions, and customers demand the best technology combined with first class service. Being able to work with EastNets ensures that customers receive the first-class service that EastNets has gained a reputation for delivering. Our team at Petra Financial looks forward to delivering great products to the market backed by EastNets' exemplary reputation," concluded Enrique Clemente, Sales Manager for Middle East of Petra Financial.
Hazim Mulhim.
Hazim Mulhim.
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About Petra Financial

Petra Financial has developed a unique and radically different range of payments and SWIFT messaging products that revolutionize implementation cycles, to create a greater Return on Investment from legacy systems. Our solutions include web based payment processing, validated using reference and financial data and SWIFT exceptions and investigations case management, through Clarion E&I. Petra Financial products are supplied with fully integrated CB.Net payments reference data that is updated daily, and is the trusted source globally by some of the world's leading institutions.

Petra's innovative approach to delivering solutions as Software as a Service means that customers pay for what they use. This also has significant benefits to integration and operating expenses.

About EastNets

EastNets is a leading provider of global compliance and payment solutions and services with over 900 customers in 120 countries. Founded in 1984, EastNets has over 25 years of experience

serving financial institutions, corporates and government agencies around the globe. EastNets provides anti-money laundering (AML), payment and transaction management solutions, and SWIFT plug-ins to add value to SWIFT connectivity for improved risk management control and transparency. Through its fully-managed SWIFT Service Bureau, EastNets provides SWIFTNet connectivity and add-on services for over 200 financial institutions. EastNets is a SWIFT Partner offering SWIFT business solutions and integration services.

For further information, please contact:

Orient Planet PR & Marketing Communications
Tel: +971 43988901
Fax: +971 43988941
P.O.Box 23345, Dubai, UAE

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