BankServ, worldwide experts in electronic payments, announced today that Union Bank of India, the leading public sector Indian bank, has successfully completed a major SWIFT infrastructure upgrade to meet SWIFT's deadline for SWIFTNet Phase 2 readiness.
The bank went live on the latest version of BankServ's TurboSwift and TurboRMA solutions to manage all domestic and international payments in time for the mandatory SWIFTNet C1 country deadline.
Union Bank of India is firmly committed to consolidating and maintaining its position as a leading, innovative commercial Bank, with a proactive approach to the changing needs of the market. The bank uses the proven, secure SWIFT network for transmitting domestic and international payment messages. However, as part of the SWIFTNet Phase 2 infrastructure upgrade, there was a requirement to update the bank's existing TurboSwift installation.
Union Bank of India recognised that BankServ was the right company to help with the SWIFT infrastructure upgrade to SWIFTNet release 6 and the installation of the Hardware Security Module. The bank has a large number of users and high message volumes but the superior functionality of TurboSwift enables the bank to manage on-going messaging needs more easily in an automated environment, thus benefiting from reduced transaction processing costs.
"The Indian banking sector is undergoing significant growth and many banks are struggling to keep pace. Meeting SWIFT's mandatory deadlines for SWIFTNet Phase 2 posed a major challenge, however, it is an area that BankServ has a great deal of experience in. Using TurboSwift, Union Bank of India will benefit from increased STP and reduced costs. We will also be helping the bank with the remainder of the SWIFTNet Phase 2 upgrades, including the C2 deadlines," said Mary Ellen Putnam, Vice President of International Business, BankServ.
The SWIFTNet Phase 2 upgrade was completed by Synergy Login Systems, BankServ's distribution and support partner in India. Bikram Dasgupta, Chairman, Globsyn Group, which last year acquired Synergy Login Systems and has significantly revived its growth, commented, "We are pleased to have worked with Union Bank of India on this strategically important project.
There is clear requirement in the Indian market for effective SWIFT and messaging solutions and BankServ's products are a perfect fit to solve this need. Additionally, the partnership with BankServ is working really well. We have a very good working relationship with the BankServ team and look forward to working together on further projects."