Cashswitch, a pioneering new online remittance service recently launched in the Middle East, has selected Oracle as its technology platform. Cashswitch, an e-financial services provider, is utilising Oracle to power its Internet remittance portal connecting Middle East-based banks and exchange houses with customers in India, Pakistan, the Philippines, Sri Lanka, and Bangladesh.
The Cashswitch initiative brings a number of significant benefits to users, including the ability to send money overseas through a secure, user-friendly and efficient e-business platform. Its customers have greater flexibility in transferring funds directly from their bank accounts, making remittances outside of normal business hours via the Internet, and dealing in multiple currencies.
"Greater customer convenience through utilisation of the Internet was among the primary incentives behind the launch of Cashswitch. Reliability and security are also vital components of the service, and we selected the Oracle technology platform for this initiative based on Oracle's ability to deliver greater peace of mind for end-users in these areas," noted Hind Bahwan, chairperson of Cashswitch.
"In order to gain and maintain consumer confidence in Cashswitch, the service must deliver on its promise of round-the-clock availability, security and functionality. The highly available nature of Oracle's database technology made it an ideal fit for the service," added Bahwan.
Cashswitch plans to expand the number of countries to which users are able to remit funds. The company will also offer additional services, including the capability to invest in mutual funds, bonds, and fixed deposits, as well as bill payment, cash advance, and loan functionalities.
"A fundamental component of successful e-business today is creating new products and services that make key transactions easier, faster, and more convenient. Oracle is proud to act as the technology provider for Cashswitch, ensuring that this innovative online venture is both high-performance and extremely reliable," noted Husam Dajani, vice president for Oracle Middle East.
The Oracle database is the only one specifically designed as an Internet development and deployment platform, extending Oracle's long-standing technology leadership in the areas of data management, transaction processing and data warehousing to the new medium of the Internet.
Built directly inside the database, breakthrough Internet features help companies and developers build Internet-savvy applications that lower costs, enhance customer and supplier interaction, and provide global information access across platforms and across the enterprise.
