Commercial bank speeds rollout of new revenue channels

Federal Bank, a large commercial bank headquartered in India, has chosen a solution from Fiorano Software to streamline its operations. Fiorano ESB is also expected to speed rollout of value-added services through multiple channels.

Federal Bank uses more than 30 retail banking-related applications from various vendors including Infosys’ core banking platform, Finacle. As part of its plan to increase the number of value-added services to its customers, the bank wanted to provide near real-time availability of foreign exchange remittances and to build a multichannel payment gateway, in addition to expanding its kiosk facilities and ATM network.

K.P. Sunny, head of IT at Federal Bank, says, “Customers are no longer content to wait, so responsiveness, accuracy and customer service delineate the leaders from the laggards. Federal Bank made a conscious decision to invest in Fiorano ESB as its solution of choice. The power of the product is in its architectural simplicity, which allows the bank to put in place a flexible architecture that will scale linearly and allow business decisions to be speedily implemented at the IT level.”

The bank evaluated many offerings, but chose Fiorano ESB because of its ease of use, low learning curve, scalability, reliability, security and error handling capabilities. Fiorano ESB is described by the company as the foundation for an enterprisewide SOA (service-oriented architecture), allowing organizations to integrate applications and processes as standards-based, event-enabled services over a distributed, centrally managed infrastructure.

Sunny adds, “The largest and best banks have shown that a solid middleware infrastructure is the secret to building an agile bank ready to roll out any new service that the market asks for. Revenue acceleration is only possible through cutting-edge technology.”