Federal Bank implemented IBM’s WebSphere Enterprise Services Bus (ESB) for “FedFast”, an online processing system for foreign remittance.

The solution uses WebSphere Message Broker, WebSphere MQ, WebSphere Transformation Extender and is integrate with the core banking system of the bank.

“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.

According to IBM, the solution will help grow the banks remittances business which leads to increasing “Fee-based” income in addition to delivering operational efficiencies and cost saving benefits. All the benefits of centralised operations are realised like channel aggregation, enhanced visibility, channel prioritisation, etc.