Bank of China (Hong Kong), a leading listed commercial banking group in Hong Kong with over 280 branches, have automated their Trade Finance business to realise operational efficiencies and deliver new levels of customer service to their corporate customers. TLM Trade Finance has been adopted in line with the Bank’s strategy to deploy the best in class packaged applications.

TLM Trade Finance is now used by Bank of China (Hong Kong) to automate the processing of documentary payments including: Letters of Credit, Collections, Guarantees, Loans, Financing / Discounting. Central to the implementation the Bank has deployed TLM Trade Connect, SmartStream’s customer self service application for the Trade Finance business. TLM Trade Connect enables electronic communication relating to Trade Finance transactions between Bank of China (Hong Kong) and their corporate customers - improving process efficiencies and responsiveness whilst reducing the risk associated with transcription errors.

After a detailed competitive selection process, SmartStream was chosen to complete a proof of concept that successfully evolved into a purchase and full scale implementation.

The complex implementation, managed by a blended team of SmartStream consultants, its local partner, Brilliance and Bank of China (Hong Kong) staff, successfully integrated TLM Trade Finance with approximately 100 of the Bank’s core banking systems. The integration demanded the custom build of 50 real time interfaces along with 120 batch interfaces.

The implementation has allowed Bank of China (Hong Kong) to re-engineer their internal processes, adopt industry best practice, increase their STP rates and reduce the level of manual intervention - improving risk management. Additionally, by replacing the development, support and maintenance of their internal systems with a packaged application and world class support services from SmartStream, the Bank will make further operational cost savings.

Peter Liu, CIO, Bank of China (Hong Kong), explains the benefits that TLM Trade Finance will deliver, “The introduction of real time trade finance processes will allow us to become a stronger business partner to our corporate customers and provide greater visibility into their transactions. Additionally, by providing our clients with SmartStream’s self-service application, TLM Trade Connect, our clients are seamlessly connected to the electronic information flow of their international trade business.”

Commenting on the successful project, Christian Schiebl, Regional Director for Continental Europe and Head of Trade Finance at SmartStream, added, “We are delighted with this successful project – the level of complexity was significant and it is a testament to not only the products strength but the deep industry knowledge delivered by our professional services team. I am confident that this project will assist Bank of China (Hong Kong) to continue to grow their expanding business with outstanding client service.”