Payment news, July 27

Swift strengthens messaging relationship with SunGard, while banks and corporates in Vietnam choose Oracle's Flexcube core banking solution.

Swift acquires SunGard's AMH solution

The Society for Worldwide Interbank Financial Telecommunication (Swift) has announced the acquisition of SunGard's Ambit Messaging Hub (AMH) solution which is expected to be finalised by the end of the current quarter. The acquisition will strengthen ties between the two companies and will pave the way for SunGard's AvantGard Ecosystem Communications Hub, used for corporate-to-bank messaging, to take advantage of the Swift network as it is based on the AMH technology.

"This agreement strengthens the relationship between Swift and SunGard. It brings together a combined network of more than 9,000 financial institutions and 2,500 corporations," said Ken Dummit, president of AvantGard, in a statement. "For SunGard's corporate customers, it means they will have a single point of connectivity to their bank partners via SunGard's AvantGard Ecosystem Communication Hub, a messaging platform that shares the same underlying technology as Swift's AMH."

Vietnamese banks choose Oracle

More than 15 banks and corporates in Vietnam have opted to implement Oracle's Flexcube core banking solution. The banks which have chosen Oracle's solution include: Dong A Bank, Habu Bank, Nam A Bank, Ocean Bank, Tien Phong Bank and Vietnam Russia Bank.

"By replacing our legacy system with Oracle Flexcube we now have a core banking platform which provides us with agility, scalability and flexibility to address a fast growing market with innovative products in the shortest period of time," said Nguyen Thi Kim Oanh, vice general director of Habu Bank, in a statement. "The centralisation of transaction processing has resulted in significant cost savings and a better operational view."

Oracle's Flexcube provides its customers with an advanced and flexible platform for transforming core banking processes and can be localised to meet the requirements of Vietnamese banks.

Western Union launches services in India and Korea

Western Union, a global payment services provider, has launched account-based money transfer (ABMT) services in India and Korea. It is the first time Western Union has introduced such services in both countries and it will be cooperating with the State Bank of India (SBI) and the Industrial Bank of Korea (IBK) which will act as its agents.

"The introduction of Western Union account-based money transfer in Korea and India underscores our commitment to driving new electronic channels that will provide choice for existing customers and increase convenience in addition to expanding our user base," said Drina Yue, Asia-Pacific managing director and senior vice-president of Western Union, in a statement. "The combination of Western Union Money TransferSM services and online banking gives bank customers a paperless, secure and faster alternative to visiting bank branches or Western Union Agent locations."

Western Union ABMT services are available through 17 banks in Europe, the Middle East, the US, South America and Asia-Pacific. It was first introduced to Asia in Malaysia two years ago. Western Union began to offer money transfer services in Japan last week.

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