Bank of Hangzhou has selected SmartStream’s Transaction Lifecycle Management (TLM) Trade Finance to manage its international settlement business and foreign exchange (FX) clearing. The bank is focusing on expanding international trade finance as a key component of its development strategy.
International settlements at the firm have grown rapidly from US$2.7bn in 2009 to US$4.5bn in 2010, an increase of 67%. As a result of such rapid development, Bank of Hangzhou realised that its existing international settlement system could no longer meet its processing requirements.
Bank of Hangzhou selected SmartStream’s local partner Brilliance Technology to provide a new system, TLM Trade Finance. The project was rapidly completed and within five months the TLM solution was processing international settlements and FX clearing. In the first quarter of 2011, the system has already enabled Bank of Hangzhou to process international settlements worth in excess of US$1.45bn.
Sai Xuejun, vice president of international business at Bank of Hangzhou, said: “We are delighted with this project delivered by Brilliance, in particular the perfect migration of nearly 10 years of historical data from our old system. TLM Trade Finance has benefitted us greatly in terms of enriching our international settlement products, enhancing our clearing system and automating the clearing process. It has reduced error rates, increased our efficiency, lowered operation risk and costs, and critically helped us to improve our customer service.”
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