Related News

Union Bank of India has completed a major Swift infrastructure upgrade to meet Swift’s deadline for SwiftNet Phase 2 readiness. The Indian Bank has now gone live with the latest version of BankServ’s TurboSwift and TurboRMA solutions which will manage all its domestic and international payments in time for the mandatory SwiftNet C1 country deadline.
The bank had previously used the 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.
“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,” says Mary Ellen Putnam, vice president of international business at BankServ.
The SwiftNet Phase 2 upgrade was completed by Synergy Login Systems, BankServ’s distribution and support partner in India.