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SBI launches its payment gateway news
Our Banking Bureau
23 January 2002
Mumbai: 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 Radhakrishnan.

Radhakrishnan 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.


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SBI launches its payment gateway