MUMBAI (PRWEB) April 5, 2007
Union Bank of India announced today the successful completion of an upgrade to its SWIFT messaging system that stands to make international money transfers faster and less expensive at a number of its 900-plus branches across India.
Using BankServ's TurboSwift system, Union Bank has successfully converted its international transfers to an automated platform, replacing a previous system that required payment messages traveling over the SWIFT Network to be sent manually. The new BankServ system will also automatically screen payment messages for errors and route incoming transfers to the appropriate location - both also tasks that required manual intervention in the past.
"As one of the largest public-sector banks in India, Union Bank has a significant number of customers who either reside outside the country or have family and friends who live abroad, so international transfers are important to its client base. Some customers might have incoming remittance payments; others may want to do business or invest overseas," said Mary Ellen Putnam, BankServ's vice president for international business. "By switching to an automated system like TurboSwift, we believe Union Bank will be able to support many of those services at a fraction of the previous time and cost."
The new system will also allow individual Union Bank branches to send international payments directly, instead of having to contact the wire transfer room in the bank's main office. Computers in the branches remain connected to the central TurboSwift server in real time, so each branch can operate as if it has a remote terminal in the building.
Installation of the new system was completed in 12 working days by Synergy Login Systems, BankServ's distribution and support partner in India. So far, more than 75 Union Bank branches are online, with plans to expand the system to 200 more branches in the future.
Since 1996, BankServ has developed electronic payment technology for the financial world, including Fedwire, SWIFT, Check 21 and online payment systems. Its London-based international division provides SWIFT messaging systems for more than 400 banks in 52 countries. More information about privately held BankServ can be found at http://www.bankserv.com.
Media Contact: BankServ