By Chinenye Anuforo, Lagos
Multigate, a Licensed Financial Services platform that provides access to a safe and secure treasury and liquidity management system, has announced its qualification as a SWIFT Lite2 for Business Application Provider. This SWIFT qualification validates Multigate’s business application and provides connectivity for its customers to thousands of financial institutions globally by leveraging the SWIFT network.
As a qualified SWIFT Lite 2 Business Application Provider, Multigate seeks to address the treasury/cash management needs of African corporates both regionally and globally and is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank. The SWIFT license will also extend Multigate’s capacity to offer standardised, safe, and secure services to its clients and partners with an overall objective of increasing revenue by efficiently maximising cash flows.
“Our goal as a company is to advance the African economy by enabling seamless and instant transactions for our customers and by simplifying the complexities of managing multiple banking portals onto a single platform”, said Eghosa Nehikhare, Co-Founder and CEO of Multigate. By leveraging the SWIFT network as a qualified connectivity provider, we provide a secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards. 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 corporates through SWIFT to expand to more international markets in the long term,” he added.
According to Mickael Thomas, Head of Corporates, Middle East, Turkey, and Africa at SWIFT, “Having Multigate qualified as the first L2BA provider in Africa is key for the adoption of SWIFT connectivity by the corporates within Africa. It also allows the Corporates to benefit from the Added Value of SWIFT fully.”
Founded in 2017, Multigate’s services are powered by fully automated and customisable solutions that help improve business efficiency, increase revenue, and deliver value to partners. To qualify as a SWIFT Lite2 for Business Applications provider, the company successfully met all legal, financial, operational and Business requirements by SWIFT.
With this license, corporates can have secure access to over 8000 global financial institutions in treasury management and cash flows.