The Union Bank of California is implementing S1's international payments software, Corporate Banking, to expand its online cash management services with its 400+ global correspondent banks.
Corporate Banking is a cash management solution for a bank's commercial and large corporate customers. Union Bank will use the system to offer expanded payment services and to support the growth of its international client base.
Union Bank will use the Internet-based international payments and reporting solution to initiate, track and report transactions using Swift structured formats.
The package includes functionality for balance and transaction detail information, as well as positive pay and cheque services. The solution's payments engine includes support for domestic and European low and high-value clearing networks.
Ashish Sharma, Union Bank's vice president and group finance manager, says: "In addition to helping us deliver competitive, value-added services, the solution also meets Union Bank's specific infrastructure requirements."
Union Bank also uses S1's Trade Finance application to provide customers with Web access to trade data services.