Philippines, February 27, 2020 – 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.
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.
“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.”
Solace is also helping UnionBank implement a new log management system that will reduce 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.”
About UnionBank of the Philippines
UnionBank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking and is committed to be the Philippines’ leading digital bank to best serve the growing needs of Filipinos everywhere.
It has consistently been recognized as of one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.
Over the years, UnionBank has garnered a record-breaking number of awards and recognitions including “Asia’s Best Bank Transformation” from Euromoney; three-time “Best Digital Bank Philippines” from Asiamoney; three-time “Digital Bank of the Year Philippines” from The Asset Triple A Awards; back-to-back Digital Transformer of the Year Philippines” from IDC’s DX Awards Philippines; “Best Retail Bank Philippines” from Digital Banker; “Best in Asia Pacific Social, Sustainable & Responsible Banking” from Efma; “Best Digital Bank” & “Mortgage Product of the Year” from The Asian Banker; “Domestic Retail Bank of the Year Philippines” from Asian Banking & Finance; back-to-back “Best Digital Bank Philippines” & “Most Innovative Cash Management Services Bank Philippines” from Global Banking and Finance Review; “SME Bank of the Year – Philippines” from Asian Banking and Finance; “Champion – Best Bank in Digital Financial Inclusion” from the Bankers Institute of the Philippines; “Top PESONet Volume Contributor” at the BSP Stakeholders Awards Ceremony 2019; “Employer of the Year” awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia; and “Top Employer Brand of the Year” from Influential Brands’ 2019 Asia CEO Summit.
Determined to be an enabler of the Philippines’ bid to be a G20 country by 2050, UnionBank stands firm in its promise to power the future of banking by co-creating innovations for its customers and for a better world.
Solace helps large enterprises become modern and real-time by giving them everything they need to make their business operations and customer interactions event-driven. With PubSub+, the market’s first and only event management platform, the company provides a comprehensive way to create, document, discover and stream events from where they are produced to where they need to be consumed – securely, reliably, quickly, and guaranteed. Behind Solace technology is the world’s leading group of data movement experts, with nearly 20 years of experience helping global enterprises solve some of the most demanding challenges in a variety of industries – from capital markets, retail, and gaming to space, aviation, and automotive. Established enterprises such as SAP, Barclays and the Royal Bank of Canada, multinational automobile manufacturers such as Renault and Groupe PSA, and industry disruptors such as Jio use Solace’s event broker technologies to modernize legacy applications, deploy modern microservices, and build an event mesh to support their hybrid cloud, multi-cloud and IoT architectures. Learn more at solace.com.
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