SmartStream, the financial Transaction Lifecycle Management specialist, has announced that Bank of Hangzhou has selected 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 SmartStreams 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.
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,” says Zhang YanSheng, Executive President, Brilliance. “Bank of Hangzhou is the latest of a number of customers we have worked with to implement SmartStreams TLM Trade Finance and I look forward to the partnership continuing as the Chinese market goes from strength to strength.
(LB)