BWI: UCO Bank Selects Xchanging to Implement Disaster Recovery Solution

Press release from Business Wire India
Source: Xchanging
Tuesday, June 01, 2010 12:50 PM IST (07:20 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Information technology, Media & entertainment, Telecommunications; Technology
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UCO Bank Selects Xchanging to Implement Disaster Recovery Solution
To become the first Indian bank to implement EastNets' empowerment product

Mumbai, Maharashtra, India, Tuesday, June 01, 2010 -- (Business Wire India) -- Xchanging (LSE: XCH), a large, fast growing global business processor, announced today that it has extended its relationship with UCO Bank, a leading Indian bank, to implement mission critical disaster recovery solution for its most business critical financial telecommunication infrastructure.

Xchanging will enable UCO Bank to seamlessly integrate near real-time databases, payments, and transactions over its SWIFT payment gateway with the bank's existing disaster recovery infrastructure. Xchanging EastNets' implementation compliance and payment solution conforms to international banking benchmarks. The solution will provide a secure environment for efficient duplication detection, and recoverability of high volume messaging traffic. The scope of the implementation also includes back-up of foreign exchange payments and telecommunications platform.

A leading commercial bank and Government of India undertaking, UCO Bank has an extensive network of over 2,000 service outlets and 35 regional offices across India. With additional offices in Hong Kong, Singapore, Malaysia and China, UCO Bank conducts extensive foreign exchange business in more than 60 centres across India. Xchanging's comprehensive disaster recovery solution will address the data recovery needs of the bank's operations.

David Andrews, CEO Xchanging said, "We are delighted to be the provider of choice for UCO bank and to be the first to introduce the EastNets solution to the Indian banking market. IT is playing an increasingly important role in business processing across industry sectors. As a technology powered business processor, our vision is to now bring the power of collaborative technologies such as cloud computing to our customers' business processing needs. With our extensive Intellectual Property, we have already set the foundations to be ahead of the market in providing our customers the benefits of new generation technologies".

Nimish Soni, Managing Director, Xchanging India added, "Xchanging has been supporting UCO Bank since 2004 as a SWIFT Partner. Xchanging's mission critical solution will allow UCO Bank to streamline its back-up and recovery practices and derive increased operational efficiencies. In the event of any hardware failure, human error, file system corruption or disaster, our solution will help the bank to restart operations without any delay in switching to the back-up system". He further added, "We are seeing a growing number of banks adopt an increasingly focused approach towards disaster recovery management planning. This is spurred by an increased regulatory thrust by the Reserve Bank of India (RBI). UCO Bank when looking for a strategic partner to augment its disaster recovery planning selected Xchanging after a careful assessment of the depth of our experience".

Xchanging designs, builds and runs a range of technology solutions for business processing. The company embeds its Intellectual Property (IP) to create a solution faster and more cost effectively than customers can themselves. These technology services are aimed at organisations that wish to use IT services to improve organisational effectiveness and profitability.

Xchanging's capabilities in the banking and securities industries include retail investment account management and securities processing services. By the end of 2010, it will be the largest independent investment account processor in Germany, and is expected to administer approximately 1.5 million accounts for its Enterprise Partnership (EP) Allianz Global Investors and other customers such as SEB Bank and MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH (MEAG).

About Xchanging

Xchanging is one of the largest and fastest growing business processors. With a wide range of multinational customers in 42 countries and employing over 8,000 people, we are a truly global company. Our aim is simply to provide business processing services better, cheaper and faster.

Xchanging provides procurement, accounting, human resources and technology services across industries. These include banking, insurance, manufacturing, retail and real estate among others. We combine functional expertise with deep industry domain knowledge to provide industry-specific outcomes for our customers.

Listed on the London Stock Exchange in 2007, the company is in the FTSE250, the index of mid-capitalised companies traded on the London Stock Exchange. Xchanging is also a member of the FTSE4Good index which measures the performance of companies that meet globally recognised corporate responsibility standards.

www.xchanging.com

About UCO Bank

Founded in 1943, UCO Bank is a commercial bank and a Government of India Undertaking.
Headquartered in Kolkata, UCO Bank has an extensive network of over 2,000 service outlets and 35 regional offices across India. With additional offices in Hong Kong, Singapore, Malaysia and China UCO Bank conducts extensive foreign exchange business in more than 60 centres across India.

www.ucobank.com

About SWIFT

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect close to 9,000 banking organisations, securities institutions and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

For more information, please refer to our website www.swift.com


CONTACT DETAILS
Meeta Thareja, Xchanging, +44 (0)20 7780 5374, meeta.thareja@xchanging.com
Pranav Kumar, Gutenberg Communications, +91 (11) 41324969 / 968 / 291, pranav@gutenbergpr.com
UK - Cardew Group, +44 (0)20 7930 0777, xchanging@cardewgroup.com

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, IT, MEDIA, TELECOMMUNICATIONS, TECHNOLOGY

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