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SwapsTech is a U.S.-based banking technology solutions provider helping banks utilize advanced and proven technologies. “Bankers and traders have struggled with technology and systems as vendors have merged with one other to consolidate solutions but have failed to provide what banks need in a hyper demanding and hyper service era,” adds Booshan Rengachari, the company’s Founder and CEO. SwapsTech understands these dynamics and operates with the mission of bridging the gap between today’s powerful technology solutions and the real world needs of banks and their unique customers.
The company brings an easy-to-use, a true end-to-end, plug and play forex platform - FX STARTM, which allows seamless integration between legacy and new systems. Rengachari states, “Systems are different, and every bank has enterprise and specialized requirements for internal operations, compliance, end-user, and branding needs. Our solution is configurable so that banks can orchestrate custom workflows to fit their business. While other platforms take years to integrate, we have repeatedly completed our integration in two to four months.” He feels that the ability to tailor a platform on a plug-and-play basis and go to market faster is a big differentiator for the company and ultimately, its customers in the competitive banking industry. In addition to customizable workflows, SwapsTech platform offers leading edge security features, including multi-factor user authentication, configurable customer callback procedures, and even multi-factor verification of payment transactions, including potential duplicate payment checks and SWIFT compliance.
To smoothly carry out foreign exchange activities, banks need a simplified channel that facilitates quick processing of payments and customers’ requests. SwapsTech offers that channel to commercial banks in the form of two online portals: FX STARTM WEB and FX STARTM BRANCH. The bank’s customers and branches can access their respective channels either directly or through a single sign-on through the bank’s online portal. The other two key facets of the suite are FX STARTM DESK and FX STARTM OFFICE.
The company has had immense success in its five-year history in this industry, starting with a nationally chartered bank in Pennsylvania. The bank has been associated with SwapsTech for years, integrating more licensed technology and advanced platforms to meet and comply with the advancing needs of their customers. SwapsTech has been able to create and maintain such long-standing relationships owing to its understanding of customers’ needs, unparalleled best market practice advisory, best-in-class customer service, and continuous delivery of innovative and collaborative products to solve the bank’s technology. However, SwapsTech does not limit its banks to a forex and payment system. Rengachari expresses, “In fact, SwapsTech has truly leveraged its core technology and depth to produce additional products to solve challenges in Trade Finance, Multi-currency Lending, Global Treasury, Real-time Payments, and Electronic Billing. And we are literally developing more products as I say this, by virtue of being a round the clock company.”
SwapsTech brings everything that a commercial bank needs, right from foreign exchange, trade finance, payments, global treasury and electronic invoicing in one platform with one integration
Rengachari lays out the roadmap for SwapsTech, stating, “We are currently developing a state-of-the-art bank operating system wherein banks can keep their entire operations across multiple business lines in one system, sharing a common integration, while allowing third party service providers to seamlessly and securely integrate with the platform by simply turning on the subscription. This will allow for trial use of a product and proof of concept before the bank commits time and money.” In a nutshell, SwapsTech brings everything that a commercial bank needs, designed and done right from foreign exchange to trade finance, lending, payments, electronic invoicing, and more.
SwapsTech also has plans to expand its footprint in Asia, Europe, and the Middle East, with more tailored offerings and enhanced capabilities. With these additions, the company ensures to extend a more robust and scalable plug-and-play solutions to its customers without taxing and overextending their own IT teams or platform administrators.