Union Bank completes migration to new SWIFT model

Friday, 30 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Union Bank of Colombo PLC, synonymous for technology firsts in the banking industry in Sri Lanka, has added further value to its portfolio as the first bank to adopt and implement SFTP (Secure File Transfer Protocol) technology through the shared SWIFT infrastructure. The messaging infrastructure adopted by Union Bank is hosted by Lanka Financial Services Bureau Ltd. (LFSBL).

Union Bank Vice President – Information Technology Rajeev Munasinghe said: “This is yet another milestone in the bank’s IT initiatives. SWIFT Solutions will enable Union Bank to provide a secure SWIFT payment and settlement system, which enables secure financial transactions. This facility will enable local financial institutions to reduce operational complexity, increase disaster recovery capability, and leverage on an enhanced value proposition for the bank.” The implementation of this new system comes in the wake of Union Bank’s migration to a new core banking platform. LFSBL General Manager/CEO Mihindu Rajaratne stated: “We are pleased to have Union Bank on board as the first bank using SFTP technology and connected to the SWIFT messaging infrastructure. Union Bank has always explored new technologies to serve their customers more efficiently and effectively. This practice of embracing new ideas has positioned Union Bank at the forefront information technology.”