Union Bank adopts SFTP technology

Union Bank of Colombo PLC has added further value to its portfolio as one of the first banks to adopt and implement SFTP (Secure File Transfer Protocol) technology through the shared SWIFT infrastructure.

The messaging infrastructure adopted by Union Bank is hosted by Lanka Financial Services Bureau Ltd (LFSBL).

Vice President, Information Technology at Union Bank, Rajeev Munasinghe said, "This is yet another milestone in the Bank's IT initiatives. SWIFT Solutions will enable Union Bank to provide a secure SWIFT payment and settlement system, enabling secure financial transactions."

"This facility will enable local financial institutions to reduce operational complexity, increase disaster recovery ability and leverage on an enhanced value proposition for the Bank," he said. The implementation of this new system comes in the wake of Union Bank's migration to a new core banking platform.

LFSBL General Manager and CEO, Mihindu Rajaratne said, "Union Bank has always explored new technologies to serve customers more efficiently and effectively. This practice of embracing new ideas has positioned Union Bank at the forefront of information technology."

Union Bank is one of Sri Lanka's fast-growing Bank's focusing on the Small and Medium enterprises and retail sectors. The Bank continues to forge ahead leveraging its strengths on service and technology to offer a superior value proposition to customers.