World First Copes with a 400% Increase in Payment Volumes with SWIFT Bureau
Foreign exchange broker World First has achieved significant operational efficiencies with SMA Financial’s SWIFT Bureau Service. A joint project involving the broker’s main banking partner Barclays Commercial Bank and SMA delivered an automated payments processing environment.
Jabu Henson, chief operating officer at World First, said: “We are about to launch an online trading platform that will provide an easy to use, safe and secure foreign exchange service to our clients. Payment volumes have soared 400% in just two years with exponential growth forecasted for the future. The SWIFT capabilities through SMA and Barclays Commercial Bank will allow us to offer a fully automated end-to-end solution, i.e. straight-through processing (STP), from a client initiated transaction to our back office, and then on to payment instruction and confirmation.”
Barclays Commercial Bank recommended SMA’s Bureau Service as its preferred option for outsourced SWIFT connectivity. World First also conducted a market evaluation. Henson said: “SMA could demonstrate a competitive bureau solution that was proven in action at similar companies. Barclays merely confirmed our analysis that the SMA Bureau Service best met our needs.”