Synlog Helps Union Bank Of India Become RMA Compliant

Union Bank of India (UBI), a leading public sector bank, has become the first Indian institution to declare Relationship Management Application or RMA readiness with the help of Synlog, a Globsyn company (the erstwhile Synergy Log-In Systems) and BankServ’s distribution and support partner in India.

Carrying forward its proactive approach to the changing needs of the market, Union bank of India recognised the need to upgrade the bank’s existing TurboSwift installation. UBI, with the help of Synlog, managed to upgrade its infrastructure to BankServ’s new Relationship Management Application, TurboRMA release 6, and install the Hardware Security Module too.

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.

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“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 has posed a major challenge; however, it is an area that BankServ has a great deal of experience in. Using TurboSwift, Union Bank of India 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,” said Mary Ellen Putnam, vice president of International Business, BankServ.

The SWIFTNet Phase 2 upgrade was completed by Synergy Login Systems, BankServ’s business partner in India. Bikram Dasgupta, chairman, Synlog 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.”

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 2, BankServ offers TurboRMA as an additional plug-in application to support the switch from BKE protocol to an 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.