Federal Bank boards 'FedFast' with IBM

BANGALORE, INDIA: IBM today announced the implementation of IBM WebSphere Enterprise Services Bus (ESB) for “FedFast”, an online processing system of foreign remittance at Federal Bank. The solution uses WebSphere Message Broker, WebSphere MQ, WebSphere Transformation Extender and also integrates well with their core banking system for faster turnaround time.

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 are realized like channel aggregation, enhanced visibility, channel prioritization, etc.

“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”, said Vivek S Rawat, Country Manager — Websphere — Software Group — IBM India/South Asia.

M Venugopalan, MD & CEO of Federal Bank said “Our research for a robust, scalable, proven solution led us to a stable one step solution, IBM ESB fitting our requirement”

WebSphere ESB features to cope with the diversity of today’s IT environment by providing web services-based flexible message routing and transformation options that can be distributed across the network but controlled centrally, the company added in the press release.

It says on, that 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.