Multigate said it has qualified as a SWIFTLite2 for business application provider (L2BA). Businesses can leverage the company’s certification to the SWIFT network.
SWIFT is a vast messaging network that banks and other financial institutions leverage to quickly, accurately, and securely send and receive information, such as money transfer instructions. In 2021, over 11,000 global SWIFT member institutions sent an average of 42 million messages per day through the network, representing an increase of 11.4 percent from the previous year.
Multigate, which was founded in 2017, says the objective of the certification is to address the treasury and cash management needs of corporate organisations in Africa both regionally and globally. The company is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank. The licence will also extend Multigate’s capacity to offer standardised, safe, and security services to its clients and partners with an overall objective
Eghosa Nehikhare, co-founder and CEO of Multigate said the goal is to advance the African economy by enabling seamless and instant transactions for customers and by simplifying the complexities of managing multiple banking portals onto a single platform.
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“By leveraging the SWIFT network as a certified connectivity provider, we provide a secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards,” Nehikhare said. “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 corporations through SWIFT to expand to more international markets in the long term.”
Michael Thomas, Head of Corporate, Middle East, Turkey, and Africa at SWIFT said Multigate is the first certified L2BA provider in Africa. This is strategic for the adoption of SWIFT connectivity by corporates within Africa. It also allows the companies to benefit from the added value of SWIFT and they also have access to 8000 global financial institutions in treasury management and cash flows.
