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Tag: Union Bank of India

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Union Bank of India unveils UPI Interoperable Cash Deposit (UPI ICD) at Global Fintech Fest 2024

Sep 5, 2024 by Sujata 0 Comments #Cash Deposit, #Global Fintech Fest 2024, #Union Bank of India

New Delhi, 05 September 2024: Union Bank of India introduced its UPI Interoperable Cash Deposit – UPI ICD pilot product in Android Cash Recycler Machines (CRMs) at the Global Fintech Fest 2024 organised by National Payments Corporation of India (NPCI) in Mumbai.

fintech fest 2024

The launch event was graced by RBI Deputy Governor Shri T. Rabi Sankar and Shri Nitesh Ranjan, Executive Director, Union Bank of India. Once again, Union Bank of India is leading the way in cutting edge payment products with the launch of this innovation, which offers key benefits such as interoperability, card less deposits, and the capability to deposit for both self and third parties.

With this product, customers of Union Bank of India or any other Bank can deposit cash into Union Bank’s CRM by scanning the QR code displayed on screen with any ICD enabled UPI app. They can then select the beneficiary by entering a mobile number, UPI ID, or account and IFSC details, and authenticate the transaction using their UPI PIN.

Last year, the Bank introduced interoperable card less cash withdrawals at its ATMs, allowing customers to withdraw cash using a UPI QR code. The present initiative will enhance the convenience of cash deposits for customers in India. With the surge in digital payments, and India at the forefront of this trend, this launch by Union Bank of India simplifies the deposit process for customers.

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Union Bank of India Wins ‘Award of Merit’ at The Open Group India Awards 2024

Aug 9, 2024 by Mansi 0 Comments #Open Group India Awards 2024, #Union Bank of India

Hyderabad/Mumbai- August 09, 2024: Union Bank of India has been bestowed with the distinguished “Award of Merit” Award in the Open Group India Awards for Innovation and Excellence 2024, Delhi on Jul 31, 2024 under the category of TOGAF Standard/ Enterprise Architecture for its innovative implementation of VR-Based Immersive Training Program on Metaverse.

UBI Image

This prestigious recognition highlights Bank’s commitment to excellence in enterprise architectural practices and validates Bank’s efforts to utilize state of art technology for setting new standards in Banking industry and drive business success by enhanced employee training and development programs.

The Open Group India Awards is a testament to Union Bank of India’s forward-thinking approach and dedication to innovation. By integrating VR into its training program, Union Bank of India has created a dynamic interactive and engaging learning environment for its employees.

As a recipient of the Open Group India Award, Union Bank of India reaffirms its commitment to continuous improvement and innovation in enterprise architecture. The Bank will continue to leverage TOGAF to navigate future challenges and capitalize on emerging opportunities, ensuring sustained growth and excellence.

Union Bank of India Wins the Infosys Finacle Innovation Award 2021
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Union Bank of India Wins the Infosys Finacle Innovation Award 2021

Jan 19, 2022 by Gouri 0 Comments #Infosys Finacle Innovation Award 2021, #Process Innovation, #Union Bank of India

Mumbai – January 19, 2022: Union Bank of India bagged the prestigious Infosys Finacle Innovation Award 2021 Runner-up award for Application Programming Interface Management under the Process Innovation category.

Infosys Finacle Innovation Award is a global award that symbolizes continuous Customer-Centric innovations carried out by Banks all over the globe to deliver delivery of responsive, resilient and secure IT systems/services using the latest technologies.

Union Bank of India established Application Programming Interface Management (APIM) platform in 2021. By virtue of APIM, Bank has attained the capability of performing real-time integration with the outside world including Govt and private organizations to enrich customer experience.