IBM brings ‘FedFast’ to Federal Bank

IBM on Monday 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.