Previous to the deployment of the solution, Bank of China in London needed to manually print and distribute roughly 3,000 interbank messages daily to the appropriate internal departments. The employees had access to these transactions to monitor them for accuracy and normal business processing activity through limited search capabilities.
Following the implementation, the Bank of China employees in London now have access to messages through an online search capability, allowing them to monitor transactions as they are sent and received by the bank.
The electronic routing and monitoring capability, along with a powerful search engine, allows the bank to ensure transactions are processed in the proper settlement time period.
Bank of China London COO Stephen Hinds said the availability of information across all the departments has led to further benefits such as reducing paper consumption by 95% and allowed the bank to make more timely and accurate decisions.
"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," Hinds said.
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, eliminating the need to print out hard copies.
The Swift message management solution implemented by the Bank of China in London is the Centric iSolutions CLiP iMessageHUB.
