Mumbai, June 3, (UNI) Union Bank of India (UBI), the leading public sector Indian bank became the first Indian institution to declare RMA readiness with the help of Synlog, a Globsyn company (the erstwhile Synergy Log-In Systems), BankServ's distribution and support partner in India.
Consolidating its position as a leading, innovative commercial Bank, with a proactive approach to the changing needs of the market, UBI recognised the need to upgrade the Bank's existing TurboSwift installation.
UBI, with the help of Synlog, managed to upgrade their infrastructure to BankServ's new Relationship Management Application, TurboRMA release 6, and the installation of the Hardware Security Module.
The Bank has a large number of users and high message volumes, for which they were using the proven, secure SWIFT network for transmitting domestic and international payment messages. The upgrade now enables the Bank to manage ongoing messaging needs more easily in an automated environment, thus benefiting from reduced transaction processing costs.
In a release here today, BankServ International Business Vice President Mary Ellen Putnam said, ''The Indian banking sector is undergoing significant growth and many banks are struggling to keep pace. Meeting SWIFT's mandatory deadlines for SWIFTNet Phase II has posed a major challenge; however, it is an area that BankServ has a great deal of experience in using TurboSwift, UBI has not only benefited from increased STP and reduced costs, but also has been up to the mark on technology upgrades. Our business partners Synlog, have done a great job in getting all our banks using TurboSWIFT to be RMA compliant well before the official deadline, and UBI is the first among them all.'' ''Globally more than 245 of our customers have completed the mandatory test scenarios and have submitted the RMA Readiness Confirmation Form to SWIFT with 165 already gone live with the RMA service. We expect all other customers to soon be able to demonstrate their ability to use the live RMA service. This will give us the assurance that the community is ready for the transition from BKE to RMA, Ms Putnam added.
The SWIFTNet Phase II upgrade was completed by Synergy Login Systems, BankServ's business partner in India. Synlog commented Chairman Bikram Dasgupta said, ''We are pleased to have worked with UBI 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.'' BankServ's new Relationship Management Application, TurboRMA, will replace the current Bilateral Key Exchange (BKE) model.
TurboRMA uses store-and-forward technology to provide the core functionalities needed to manage authorisations for foreign exchange business relationships in a secure and controlled environment. As an approved vendor for SWIFTNet Phase II, BankServ offers TurboRMA as an additional plug-in application to support the switch from BKE protocol to a RMA application. In India, Synlog is ensuring that all banks that are using BankServ's TurboSWIFT have successfully demonstrated live RMA readiness and qualified much ahead of time.
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