Union Bank adopts SFTP through SWIFT
View(s):Union Bank recently revealed that it had migrated to the “SFTP (Secure File Transfer Protocol) technology through the shared SWIFT infrastructure”, adding that it was the first local bank to do so. Additionally noted, this messaging infrastructure is hosted by the Lanka Financial Services Bureau.
“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,” commented Rajeev Munasinghe, the bank’s Vice President for Information Technology.
Further, the bank also signalled that this move by the bank is just one more of its pioneering local initiatives. “Internet banking, TV banking, electronic cheques, mobile banking [were] some of the unique technologically driven products pioneered by the bank. Union Bank was also the first private bank to join the Lanka Pay common ATM switch which enables Union Bank accounts to be accessed from over 1,000 ATMs across the country,” added the bank.