SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Bank of Hangzhou has gone live on TLM Trade Finance to manage its international settlement business and foreign exchange clearing.
Bank of Hangzhou is focusing on expanding international trade finance as a key component of its development strategy. International settlements at the firm have grown rapidly from $2.7 billion in 2009 to $4.5 billion 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.
After examining the market for potential solutions, 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 $1.45 billion.
Mr Sai Xuejun, Vice President of International Business at Bank of Hangzhou, commented: “We are delighted with this project delivered by Brilliance, in particular the perfect migration of nearly ten 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.”
Mr Zhang YanSheng, Executive President, Brilliance, added: “We are seeing an increasing number of city commercial banks looking to standardise their operations and streamline their workflows as a result of business development and expansion. Bank of Hangzhou is the latest of a number of customers we have worked with to implement SmartStream’s TLM Trade Finance and I look forward to the partnership continuing as the Chinese market goes from strength to strength”.
Christian Schiebl, Executive Vice President, SmartStream, commented: “We are delighted that Bank of Hangzhou selected TLM Trade Finance for this project. SmartStream’s TLM Trade Finance enables them to reduce risk and cost by automating all the routine banking processes involved in international settlement. The project implementation involved many new business features as well as a challenging migration of historical data. Brilliance has done a fantastic job in supporting Bank of Hangzhou throughout the project to ensure a rapid time to market for the new platform and support Bank of Hangzhou's business objectives."