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HDFC Bank signs with Interblocks for iSwitch

Interblocks stamps its leadership with IFX based ATM Switch Software

Colombo, July 16th 2008. Interblocks announced today thy have inked an agreement to implement their iSwitch – an ATM Switch & Monitoring System – at HDFC Bank, Sri Lanka.

After establishing their position as a leader in financial solutions in the commercial banking sector, the latest venture marks Interblocks’ first implementation in a public bank in Sri Lanka. 

The new applications will enable HDFC 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. With this technology, HDFC can now offer its customers a wide range of new services, through the ATM network.

“We are very happy to have signed this agreement with Interblocks to upgrade our customer service package. We are venturing into the field of savings, that is retail savings accounts and deposit accounts, and through this ATM network, customers will be able to access our services from any part of the country. We are also looking at the other banks that Interblocks has linked with which will enable us to avail our facilities to customers from almost any ATM machine to access our services.”- said Priyanka Baddevitha, DGM Marketing, HDFC Bank.

Interblocks’ wide range of new features and advantages prompted HDFC to pick Interblocks to transform its operations. The iSwitch applications’ service oriented architecture will provide the bank greater flexibility, enabling easier administration of the network.

Interblocks set a benchmark after pioneering the commercial use of International Financial Exchange (IFX) standards in 2001, prompting other vendors to consider adopting the framework. 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.

In a fast-expanding and competitive environment, the Interblocks software with IFX at its core will enable HDFC to continuously provide new services to their clientele to meet their growing demands, while maintaining the controls needed to ensure integrity and security for these transactions.