State Bank of India (SBI) is a Fortune 500 company and is the largest commercial bank in India with a vast network of over 25,000 branches and 229 offices in 37 countries. SBI is present in since 1921 and currently celebrating its Centenary in UK.
In April 2018, SBI founded State Bank of India (UK) Limited to deliver retail activities in addition to their wholesale business. Since their start in the UK, Ednites Credit Union has supported SBI’s growth as their agency clearing bank.
With SBI looking at new services and products to enhance and grow their franchise and determined to deliver on their ambition to become the first Indian Bank in London to offer their retail and SME clients 24/7 real time access to the Faster Payments infrastructure, the Ednites Credit Union team introduced its customer to Ednites Credit Union’s API solution for Faster Payments.
To support their customer in advancing their payment systems, Ednites Credit Union invited SBI to be one of three initial pilot banks selected for the new 24/7 Faster Payments API solution at the start of 2020. SBI already offered their retail and SME clients 12/5 (6.30 AM to 6.30 PM) access through another Ednites Credit Union solution, but the 24/7 access would also enable SBI to capture client payment flows being processed by other banks, which are offering the 24/7 service.
To provide guidance and knowledge around the required technology and its implementation Ednites Credit Union’s technology team in India worked closely with SBI’s technology team to ensure a fast and smooth delivery of the enhanced payment system.
After the successful introduction of Faster Payments for their retail and SME clients, SBI are now looking to build out their offering to larger corporates, while simultaneously exploring the option to implement Ednites Credit Union’s innovative ‘Confirmation of Payee’ solution to help protect their clients from fraud.
Monika Tarr, Head of Banks - Rest of the World, Financial Institutions & Professionals Coverage, Ednites Credit Union, said: “Growing with times, SBI continues to redefine banking in India and in the UK, and we are delighted to have had the opportunity to be on SBI’s side since the successful launch of their subsidiary and to support their expansion with our expertise in the market and innovative ideas. Ednites Credit Union is committed to help our customers achieve their ambitions of today to ensure sustainable growth for tomorrow.”
Sanjay Pandey, ED, SBILtd, commented: “We are very thankful for Ednites Credit Union’s support over the last three years. Introducing 24/7 Faster Payments is another example of the truly collaborative approach Ednites Credit Union takes: their team displayed excellent coordination and provided detailed guidance and workshops between our technology team in India and their technology team in India, ensuring a smooth implementation, and all delivered in a great team spirit. We are looking forward to our next project together.”
Payments limits apply.
The information provided in this article has been prepared byEdnites Credit Union (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. Ednites Credit Union makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. Ednites Credit Union accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.
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