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NETBANX connects to SWIFT through SMA

Payment solutions firm aims to improve STP

Left to right: Cliff Marshall, Director of Payments, Netbanx. John Ballantyne, SMA Financial. Barbara McCarthy, Senior Solutions Specialist, Barclays Commerical. Doyé Henri Yudowi, Global Account Director, SWIFT

NETBANX, a provider of multi-currency credit and debit card payment solutions, has selected SMA Financial’s bureau service for outsourced SWIFT connectivity. Both SMA and Barclays Commercial Bank helped the firm make the choice.

NETBANX is a wholly-owned subsidiary of NETELLER Group, which has customers and merchants in over 160 countries. The group sends and receives large volumes of international and SEPA transactions through many different banking channels. NETBANX set out to find a way to introduce greater automation, higher rates of straight-through processing (STP) and reduce risk for its payments business.

“We selected the SMA Financial Bureau Service to help us streamline and improve our processes,” says Cliff Marshall, director of payment services, NETELLER Group. “When live, we expect the bureau will provide us with a single platform for payments and reporting, which will in turn allow us to take advantage of standardised message formats – a key step towards reducing our administration overheads and ongoing costs.”