Bank of Hangzhou is using the TLM Trade Finance solution from SmartStream to manage its international settlement business and foreign exchange clearing.
SmartStream, the financial Transaction Lifecycle Management specialist, notes that the rapid implementation of the solution enabled US$1.45 billion in international settlements to be processed in the first quarter of 2011.
The solution was implemented by SmartStream's local partner Brilliance Technology, and is deployed as part of the bank's strategy to expand the footprint of its international trade finance.
According to SmartStream, Bank of Hangzhou experienced a rapid growth in international settlements during the past one year but it was not able to meet its processing requirements with its existing international settlement system.
TLM Trade Finance addressed the bank's requirements and Bank of Hangzhou rapidly deployed the solution with the help of SmartStream's local partner Brilliance Technology.
Improving customer service
Bank of Hangzhou is pleased with the performance of the solution as it was able to process international settlements and FX clearing within five months of the deployment.
SmartStream claims its TLM Trade Finance solution has enabled Bank of Hangzhou to process international settlements worth in excess of US$1.45 billion in the first quarter of 2011.
"TLM Trade Finance has benefitted us greatly in terms of enriching our international settlement products, enhancing our clearing system and automating the clearing process," said Sai Xuejun, vice president of international business at Bank of Hangzhou. "It has reduced error rates, increased our efficiency, lowered operation risk and costs, and critically helped us to improve our customer service."
"We are delighted that Bank of Hangzhou selected TLM Trade Finance for this project. SmartStream's TLM Trade Finance enables them to reduce risk and cost by automating all the routine banking processes involved in international settlement," said Christian Schiebl, executive vice president, SmartStream. " The project implementation involved significant new business features as well as the challenging migration of historical data. Brilliance has done a fantastic job in supporting Bank of Hangzhou throughout the project to ensure a rapid time to market for the new platform."
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