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Union Bank revamps with Interblocks iSwitch
Interblocks stamps its leadership with IFX based ATM Switch Software
Colombo, September 27th, 2006. Interblocks announced today that its iSwitch – ATM Switch & Monitoring System complemented with its iCard - ATM Card Issuing system has become effective at Union Bank.
The move highlights the financial industry’s recognition and acceptance of Interblocks’ suite of products which have transformed and made financial transactions in many countries across the globe more efficient.
In line with its technology upgrade, Union Bank will offer its customers a wide range of new services which includes internet banking via ATMs. The new applications will enable Union Bank to be at the forefront in overall banking operations with quick and innovative products, and help the bank to maintain a healthy customer service relationship.
“The Interblocks solution promised and delivered the flexibility and adaptability that is needed to stay ahead in the competitive banking industry. Moreover, their ability to seamlessly integrate with the bank’s existing backend systems enabled the entire project to run smoothly and cost effectively. The level of service offered by Interblocks definitely differentiates them from other vendors” – said Mr. Ganesh Wijenaike, Head of IT at Union Bank
The iSwitch solution replaced Union Bank’s Euronet (Arksys) solution, to drive their ATM network. Interblocks’ wide range of new features and advantages prompted Union bank to appoint Interblocks to transform its operations. The iSwitch applications’ platform independent three tier architecture allowed the bank a greater flexibility it didn’t possess before, enabling easier administration of the network. A significant advantage was the remote monitoring functionality offered by iSwitch which allows the bank to remotely monitor every ATM to the device level.
“Interblocks has created a benchmark after pioneering the commercial use of International Financial Exchange (IFX) standards in 2001, prompting other vendors to consider adopting the framework more than five years later,” said Faiq Faaiz, Interblocks’ Director-Business Development. “We are pleased that Union Bank recognized our leadership in this space which has enabled us to provide them with the very practical benefits of our Transaction Management & Monitoring Software.”
The IFX standards are an XML based message set that has been developed to aid the management of expanding, complex corporate banking needs, while seeking benefits offered by the networking environment. Developed “by bankers, for bankers” this is possibly the most comprehensive framework for managing financial transactions on the market today.
In a fast-expanding and competitive environment, the Interblocks software with IFX at its core will enable Union Bank to continuously provide new services to their clientele to meet their growing demands while maintaining the controls needed to ensure the integrity and security for these transactions.
The Union Bank project marks another milestone in the history of Interblocks, as it continues to break new ground with innovative products that have been tried, tested and incorporated by financial institutions beyond borders.
