Together with Fineksus, National Islamic Bank now offers its customers end-to-end payment tracking, fee transparency and faster cross-border transfers, reaching Swift over the cloud with no installation required in its own environment.

At a glance

National Islamic Bank became a Swift GPI member with Fineksus’ support, reaching Swift messaging over the cloud through Fineksus’ Swift Service Bureau.

FAST. TRANSPARENT. COMPLIANT.

CUSTOMER: National Islamic Bank, Damascus, Syria: an Islamic bank serving individuals and businesses through 9 branches

CHALLENGES

• Payment messages from the core banking system had to meet the Swift GPI rulebook
• Swift connectivity had to be integrated with the core banking system
• The bank had to complete the testing phases of GPI certification

SOLUTION

• Cloud access to Swift through Fineksus’ Swift Service Bureau, with no installation required in National Islamic Bank’s own environment
• Automatic enrichment and validation of payment messages by PayGate™ Maestro
• Consultancy and technical support during GPI certification testing

RESULTS

• Swift GPI membership, a first in Syria
• End-to-end payment tracking and fee transparency for National Islamic Bank’s customers
• Faster cross-border transfers

The challenge: meeting Swift GPI requirements

National Islamic Bank received its establishment licence in April 2021 and its licence to operate in August 2023. It is the fourth Islamic bank in the Syrian market.

To become a Swift GPI member, National Islamic Bank needed to meet three requirements:

• GPI-compliant messages: payment messages from the core banking system had to be enriched and validated against the Swift GPI rulebook.
• Connectivity and integration: the bank needed Swift connectivity integrated with its core banking system.
• Certification: the bank had to complete the testing phases of the GPI certification process.

The solution: cloud access to Swift and automatic GPI validation

National Islamic Bank and Fineksus worked together on four fronts.

1. Cloud access through Fineksus’ Swift Service Bureau. National Islamic Bank reaches the entire infrastructure and Swift over the cloud, with no installation required in its own environment.
2. Certified Swift connectivity and integration. Fineksus provided the Swift connectivity infrastructure and integration services, using its Swift GPI-certified solution.
3. Automatic enrichment and validation with PayGate™ Maestro. Payment messages from National Islamic Bank’s core banking system are automatically enriched and validated against the Swift GPI rulebook before being forwarded to the Swift GPI service.
4. Consultancy and technical support. Fineksus supported National Islamic Bank during the testing phases of the GPI certification process, transferring its experience to the bank’s team.

payment flow · National Islamic Bank core banking to Swift GPI via Fineksus’ Swift Service Bureau

The results: fast, transparent, compliant payments

Together, National Islamic Bank and Fineksus brought the end-to-end payment tracking, fee transparency and faster transfers of Swift GPI to the bank’s customers, raising the quality of service the bank delivers.

• Fast: the bank’s customers get the faster cross-border transfers that Swift GPI offers.
• Transparent: customers can be given end-to-end tracking of their payments and visibility of the fees applied.
• Compliant: payment messages are enriched and validated against the Swift GPI rulebook before they are forwarded to the Swift GPI service.

Planning your Swift GPI journey? Fineksus helps banks connect to Swift over the cloud and meet Swift GPI requirements. Book a demo here.

About National Islamic Bank

National Islamic Bank is a Syrian public joint-stock company headquartered in Damascus. It received its establishment licence in April 2021 and its licence to operate in August 2023. As the fifteenth private bank and fourth Islamic bank in the Syrian market, it offers a full range of banking products and services to corporate and individual customers.

About Fineksus

Fineksus provides financial messaging, anti-money laundering (AML) and FinCloud solutions for local and global payment systems. Fineksus’ Swift Service Bureau runs Swift connectivity and messaging for banks on Fineksus’ certified cloud infrastructure.