SunTec wins the 2015 TECHNOVITI Award for implementing revolutionary fund transfer system
Mumbai, 19 January , 2015: SunTec, the leading provider of revenue management and business assurance solutions to financial services and digital and communications services industries, has been awarded the prestigious TECHNOVITI award in the Innovations category. The award was announced at the Technoviti Conference & Awards in Mumbai, on Friday, 16th January, at the MMRDA Grounds.
SunTec has won the award for the exemplary work done with a leading bank in Asia in the launch of FAST (Fast and Secure Transfer). FAST is a new electronic funds transfer service implemented in Singapore. This service, enabled by SunTec’s award winning product suite- Xelerate, was introduced as a response to the increasing demand from consumers and businesses for funds transfer that is faster and more efficient. It allows customers to transfer SGD funds almost instantly from one bank to another (between accounts of 14 participating banks), within Singapore. FAST is also expected to help improve cash-flow management for businesses.
This project has already revolutionised the Singapore market. The fund transfers using the bank’s retail and corporate internet banking platforms grew by over 13% from SGD 396 billion in 2012 to SGD 450 billion in 2013.
Xelerate enabled the bank’s customers to customise their payments in any way they like – anytime, anywhere. It is a real-time service which allows customers to enjoy the benefits of payments immediately and therefore the adoption rate for this service is expected to be massive.
SunTec enables over 30 banks across the globe to offer innovative products and services for their customers, while focusing on their customer experience along with revenues for the bank
“SunTec has always concentrated on being the front runners in innovation in the Financial Services industry and it feels great to be recognized for the same. This award will inspire us to scale new heights in our future endeavours”, added Nanda Kumar, the CEO of SunTec Business Solutions.
For more information about SunTec, visit www.suntecgroup.com