Role-based authenticated access to appropriate daily interbank transactions
Bank of China has selected IBM and IBM Business Partner Centric iSolutins to enable its London branch and subsidiary automate the processing of the interbanks, or SWIFT messages, that the branch receives on a daily basis.
Through this agreement, Bank of China employees in London now have access to messages through an online search capability, which allows them to monitor transactions as they are sent and received by the bank.
The enhanced electronic routing and monitoring capability with search engine allows the bank to ensure transactions are processed in the proper settlement time period.
IBM said that by selecting its offerings, now all Bank of China employees in London in the loan, trading services, banking, clearing and IT departments have role-based authenticated access to their appropriate daily interbank transactions through a browser-based application.
This facility allows the bank to eliminate the need to print out hard copies, reducing its paper consumption drastically.
Bank of China’s London branch and subsidiary chief operating officer Stephen Hinds said the improved access to information has been key in helping them meet compliance regulations and reduce costs.
"The availability of information across all our departments has led to further benefits such as reducing our paper consumption by 95% and allowed us to make more timely and accurate decisions," Hinds said.
"IBM and Centric iSolutions have been instrumental in helping us stay ahead to more efficiently manage an increasing number of interbank transactions and monitor business process activity across multiple departments."