The UK unit of Bank of China has slashed
its paper consumption by 95%, in the process saving
£12,000 ($18,980) a year previously spent on
paper.
Bank of China said that
software from IBM Informix helped its London-based unit to automate
the processing of interbank, or SWIFT messages that the branch
receives every day.
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Bank of China staff in
London now has 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.
Stephen Hinds, COO of
Bank of China’s London branch and subsidiary said:
“The improved access to
information has been key in helping us 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.
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By GlobalData“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.”
