Kochi: Kerala based Federal Bank is implementing IBM’s WebSphere Enterprise Services Bus (ESB) for its ‘FedFast’ online processing system of foreign remittance.
According to an IBM source, the tech major’s solution uses applications such as WebSphere Message Broker, WebSphere MQ, WebSphere Transformation Extender and also will integrates well with Federal Bank’s core banking system for faster turnaround time.
According to M Venugopalan, MD & CEO, Federal Bank, “Our research for a robust, scalable, proven solution led us to a stable one step solution, IBM ESB fitting our requirement”. The solution addresses not just business sustenance issues for the bank but also helps grow its remittances business which leads to actually increasing fee-based income in addition to delivering operational efficiencies and cost saving benefits. All the benefits of centralized operations, such as channel aggregation, enhanced visibility and channel prioritization, are realized.
Elaborating on the new move, Vivek S Rawat, Country Manager – WebSphere – Software Group- IBM India / South Asia pointed out that, “Foreign remittance is one of the most complex and demanding banking processes involving multiple external agencies and formats. Federal Bank needed a flexible, scalable, secured and a robust consolidated platform. Using “FedFast”, Federal Bank has not only reduced its costs related to the foreign remittance drastically but its NRI customer base has also increased manifold”. Detailing the applications, he added that WebSphere ESB features to cope with the diversity of the IT environment by providing web services-based flexible message routing and transformation options that can be distributed across the network but controlled centrally.
WebSphere ESB enables message processing capabilities to be efficiently and cost-effectively deployed into branches, terminals, warehouses, stores and so on. WebSphere ESB includes a decoupled approach that enables stores and other entities to run independently to improve business flexibility. WebSphere ESB can be efficiently reconfigured to meet changing business-processing loads. And the integration developer or system administrator can dynamically add or replace end points without affecting the rest of the ESB-based solutions, the source added.
Kerala IT News