UnionBank chooses Canadian firm Solace for forex mobile platform

UnionBank of the Philippines (UnionBank) has selected Solace PubSub+ Platform to give its customers a real-time foreign exchange (forex) trading experience. With PubSub+ event brokers in place, UnionBank is now able to stream real-time forex rates from its market data vendor to its customers’ mobile devices so they can make informed decisions and achieve positive outcomes.

As part of UnionBank’s digital transformation, the company requires a centralized payment solution and the ability to conduct straight-through processing so it can keep up with fast-paced digital customer onboarding and acquisitions. This creates a demand for real-time transaction data and the ability to handle increasing retail volume while maintaining the flexibility it takes to provide personalized services and solutions.

Real-time forex rates

With the adoption of event-driven architecture, UnionBank can now give customers easy access to real-time forex rates on their mobile applications, instead of being limited to providing stale rates that were only updated once a day.

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“Becoming event-driven has allowed us to get closer to attaining our goal of becoming the financial services provider and partner of choice in the Philippines,” said Dennis Omila, chief information officer, UnionBank. “Solace’s event streaming technology has given us the ability to modernize our back-office systems and offer personalized solutions to our customers as we manage and distribute growing volumes of information during peak periods.”

Core banking system

Solace is also helping UnionBank implement a new log management system that will reduce the load on their middleware service layer and dynamically route events around problem areas so they can minimize disruptions to user experience during periods of peak activity.

In the next phase of implementation, Solace will work with UnionBank to connect existing legacy systems with new applications while complying with protocol requirements so UnionBank can facilitate the streaming of customer events from its core banking system to the rest of its enterprise.

“We are pleased to be part of UnionBank’s digital transformation, helping them strengthen their position as a leader in their market,” said Les Rechan, CEO, Solace. “The forex market is rapidly evolving, and UnionBank has demonstrated their drive to stay ahead of the competition and meet increasing consumer demand for both real-time responsiveness and hyper-personalized services.”