The Bank is the first city commercial bank in China to trade in derivates and go live with such a solution.
Bank of Beijing (BoB) has chosen Misys Opics and Misys Trade Innovation to run its trade finance and treasury management services. Implementation is completed in Q3 2005.
Before choosing Misys, the bank ran a six month evaluation process in which three treasury and four trade finance solutions were reviewed. Misys was found to be the only vendor able to provide a solution covering the two business areas.
The Bank of Beijing recently became one of the first city commercial banks in China to receive a derivatives licence. The Misys solution allows the bank to automate its STP treasury business, enhance its derivatives operations and offer improved trade services to its corporate customers.
Zhao Rui An, vice president at Bank of Beijing, said, “Increasing competition in our key markets has meant that we have become increasingly focused on our corporate customers, adapting and improving our operations to meet their needs more effectively. Implementing the Misys solution has enabled us to enhance our product offering, improve our services and realise new levels of operational efficiency.”
John Palmiero, head of Sales, Asia at Misys Banking Systems, adds, “Over the past few years, Misys has been steadily increasing its footprint and knowledge in China, working with customers and partners alike to develop a good understanding of the market. This implementation is a further indication of our capability to offer world class solutions tailored to the needs of our Chinese customers.”