Automated Clearing House Bankserve has bought Fin-X, a company providing Swift Bureau services and OFAC security filtering to commercial banks and financial institutions throughout Africa and the Middle East, reducing the risk, cost and complexity associated with financial transactions.
"Fin-X's penetration of the African market and its proven expertise in the marketing of the Swift Service Bureau make it an ideal acquisition for Bankserv," says Pieter Cilliers, CEO of Bankserv.
"The acquisition complements a key component of Bankserv's strategy, which is providing banking clients with the highest quality of transaction, switching and value-added services in support of their business objectives while effecting significant cost savings and reducing risk and complexity in the industry.
"We believe that the combination of Fin-X's successful service bureau and Bankserv's experience in the African marketplace creates tremendous potential for expansion" he adds.
Fin-X brings to Bankserv's network 54 commercial banks and financial institutions in 24 countries across Africa and the Middle East.
The Fin-X Service Bureau operates the connection to SwiftNet and the Swift interface on behalf of the institutions. Fully approved by Swift Brussels, the bureau currently provides access to the Swift Network at a significantly reduced cost.
The OFAC filtering solutions facilitate the fight against money-laundering and terrorist financing, and enforce economic sanctions at a time when most governments are reinforcing their regulations in illegal trafficking.
Since 1972, through its ACB and Saswitch brands, Bankserv has provided interbank electronic transaction switching and settlement services to the South African banking sector and to banks in Africa.
Bankserv processes 2-billion transactions per annum with a value of $1-trillion.