SoftWorks Expands SWIFT Service Bureau Capabilities

SoftWorks Nigeria, a leading provider of compliance and payments solutions platform and services has expanded its SWIFT Service Bureau services with new value-added plug-ins for real-time SWIFT traffic reporting with the prevention of double processing of transactions, manage outage recovery, en.Reporting on powerful information center for all SWIFT alliance access environment.
“The new plug-ins for our SWIFT Service Bureau provide greater flexibility and business value to our customers by helping to reduce risks, costs and complexity in their operations,” said Ini Akpan, CEO of SoftWorks Nigeria.
 “These latest enhancements to our Service Bureau reinforce our commitment to expanding the value and capability of our integrated services to help our clients improve business performance and transparency.”
Margret Okonkwo, SWIFT Specialist for SoftWorks Nigeria said the en.Duplicate Detection plug-in provides an extra layer of protection for clients against potential complications and extra costs due to the double processing of a transaction.
She added that the new capability eliminates the risk of sending money twice by mistake.
 “en.Reporting, on the other hand, centralizes SWIFT traffic data in real-time, allowing users to display, investigate, monitor and report data. This functionality allows our clients to analyze in detail message flows and charges, while enhancing their revenue potential as they receive up-to-the-minute information about arrival of funds, which can then be optimally used,” she said.
With en.Recovery, users can also retrieve or input incoming messages not yet acknowledged by back office applications, and have the ability to quickly and easily rebuild their complete SAA Massage file with the correct status for each message while significantly reducing the number of costly FIN messages retrievals and elimination any concern about loss or duplication of messages sent and received, no matter the status of the message at the time of the disaster or the source of the message.
SoftWorks Nigeria has deployed its SWIFT platform in Nigeria with most banks on its network, helping to facilitate its international financial transaction in the financial sector of the economy.
SoftWorks Nigeria provides both a fully-managed hosting facility as well as a shared environment – both complete with OFAC and watchlist screening, disaster recovery and FileAct support. The Company’s en.Service Bureau has recently received the SWIFT Operation Assurance Label, and was awarded the SAS 70 Type II Certification. SoftWorks Nigeria offers one of the largest SWIFT Service Bureau networks, with more than half the financial institutions as clients.