Beijing-based Industrial and Commercial Bank of China (ICBC) has signed with Misys Wholesale Banking Systems for technology to run up to 15 international branches from a single data centre hub in Shenzhen.
ICBC's new branch in Macau is the first to go live on the global hub. The implementation was completed in just 10 weeks to support the branch's opening in May. Implementation has now begun across branches in Singapore, Tokyo, Seoul and Hong Kong. The bank says centralising branches into a hub will enable it to benefit from increased operational efficiency and lower costs.
The Midas and Trade Innovation products from Misys were selected after a thorough evaluation process against a rival supplier. Three different groups at ICBC took part in the review, with criteria focusing on functionality, product development capabilities and future-proof technology. After an in-depth workshop in Zhuhai, the Misys solution architecture was selected based mainly on its flexibility.
Licensing one standard version of the software to run from a single centre will result in cost reductions for the bank, which also says the consolidated hub will give it greater control as customer information will be centralised for risk management purposes. It will also be easier to manage regulatory and business change.
Specific requirements of the various branches are supported by the solution, which caters for different end of day run times and holiday calendars, and enables branches to tailor their service to local needs.
Midas will provide ICBC with support for its corporate banking business. As well as delivering a centralised point for settlement, accounting and network interfacing, the bank will gain a complete view of its business for MIS, risk control and regulatory reporting.
Trade Innovation will provide the bank with workflow management in a single, integrated environment. The system supports a range of business applications including traditional letters of credit and collections, open account and associated payment and lending services. A host of regional requirements cater for both single site set-ups and global installations.
