The State Bank of India (SBI) has launched its own payment
gateway system that will make funds transfer from one customer to
another much faster. Funds transfer will be done within a maximum
timeframe of one hour, as compared to three to four days earlier
using the conventional mode.
SBI is using its own V-SAT network to facilitate speedier
transactions through the payment gateway. Transactions originating
from SBI branches are now being routed through the Reserve Banks
V-SAT hub in Hyderabad before being directed to the banks own
central hub in Mumbai.
Being enabled progressively to handle B2B transactions, the
payment gateway is one of a series of significant technology
upgradation plans that SBI is implementing on a war-footing, says
SBI managing director and group executive (corporate banking) Y
identified an increasingly customer-centric approach to business,
foolproof systems and procedures to handle business growth,
tapping all opportunities to grow and acquisition of tomorrows
technology as some of the core issues central to the success of
consolidating SBIs position in the banking industry.