The Central Bank of Seychelles Awards ProgressSoft to Implement Phase 2 of the Electronic Fund Transfer Solution

Victoria, April 25, 2014

ProgressSoft, the leading provider of real-time payment solutions, was awarded the implementation of phase 2 of the Seychelles Electronic Fund Transfer (SEFT) which was launched earlier in August 2013; with the cooperation of the Central Bank of Seychelles (CBS), the commercial banks based in the Seychelles and the Seychelles Credit Union (SCU).

SEFT has facilitated and improved the interbank funds transfer service by providing a common platform for all participating members to conduct their transfers in an efficient and safe manner. This covers all banks of the Seychelles islands, including Barclays Bank, Mauritius Commercial Bank, Bank of Baroda, Habib Bank, Nouvobanq, and the Seychelles Savings Bank.

SEFT has helped in minimizing the physical exchange of cash and also reduced the cost of local transfers which are currently handled primarily through the SWIFT platform. Since its launch last year, SEFT has been accessible only to the participating members and their staff are now familiar and comfortable with this platform and fully adopted the processes that have been introduced.

Now that the CBS is confident with the solution, the time has come to start implementing the second phase which will feature the integration and deployment of an online internet based platform that allows registered customers to have access to the same system via the comfort of their homes and businesses.

SEFT (phase 2) will enable timely processing of transactions, facilitate bulk transaction uploads for corporate customers, provide email and SMS notifications and provide easy access to view current and past transactions.

CBS is planning on promptly implementing phase 2 in order to ensure a smooth launch before the end of 2014.

ProgressSoft is pleased to be selected by CBS as the preferred supplier to implement the second phase of ProgressSoft's innovative Electronic Fund Transfer Solution SEFT. This award is but an endorsement of the skills, expertise and experience of ProgressSoft team of professionals.

Phase 2 will allow Commercial banks and SCU to fully integrate SEFT to their CORE Banking Systems and Internet Banking platforms to further shorten and in the same instance improve the payment cycles, reducing delays and providing real time credits and debits to customers' accounts.