Banks unite to offer outsourcing service

Outsourcing is booming in the banking industry, as banks look to concentrate on their core business and save money.

Elton Cane and Elaine Leong

June 21, 2001

ANZ Bank, Bank of Montreal, Barclays Bank and American Management Systems have launched a trade finance outsourcing service for global trade banks.

Under the banner Proponix, the three banks and the software company which teamed up last August, now provide online transaction processing for letters of credit guarantees, bankers' acceptance, documentary collections and reimbursements.

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