A financial services platform providing access to a secure treasury and liquidity management system, Multigate, has announced its qualification as a licensed SWIFT Lite2 Business Application Provider.
It disclosed that the SWIFT qualification validates its business application and provides connectivity for its customers to thousands of financial institutions globally by leveraging the SWIFT network.
It stated as a qualified SWIFT Lite 2 Business Application Provider, it seeks to address the treasury and cash management needs of African corporates both regionally and globally and is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank.
Statement by the company said, “The SWIFT license will also extend its capacity to offer standardised, safe, and secure services to its clients and partners with an overall objective of increasing revenue by efficiently maximising cash flows.
The Co-Founder and Chief Executive Officer, Multigate, Eghosa Nehikhare, was quoted as saying, “Our goal as a company is to advance the African economy by enabling seamless and instant transactions for our customers and by simplifying the complexities of managing multiple banking portals onto a single platform.
“By leveraging the SWIFT network as a qualified connectivity provider, we provide secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards.”
He added, “This also solidifies our adherence to global information security and market best practices and our compliance with global ISO messaging for our clients. We are optimistic about the value we can offer to large corporates through SWIFT to expand to more international markets in the long term.”
Also, the Head of Corporates, Middle East, Turkey, and Africa, SWIFT, Mickael Thomas, was quoted as saying, “Having Multigate qualified as the first L2BA provider in Africa is key for the adoption of SWIFT connectivity by the corporates within Africa. It also allows the corporates to benefit from the added value of SWIFT fully.”
He added, “With this license, corporates can have secure access to over 8000 global financial institutions in treasury management and cash flows.”
