Bank of China in London has selected IBM to reduce its paper consumption by 95 percent and become a greener bank. The bank is also looking to improve the efficiency of conducting financial transactions with this partnership.
To help the London branch and subsidiary automate the processing of the interbank, or SWIFT messages, that the branch receives on a daily basis, Bank of China turned to IBM (News - Alert) and IBM Business Partner Centric iSolutions. The employees of the bank monitor transactions as they are sent and received by the bank as they now have access to messages through an onlinesearch capability.
By applying computing power to perform advanced analytics using technology such as stream computing and deep computing visualization IBM turns banking data into actionable insight and intelligence, the company has stated.
“In today's highly competitive and regulated financial services market, institutions have to reduce risk and boost efficiencies to become competitive," said Shanker Ramamurthy, general manager of IBM's Banking and Financial Markets business. "Smarter banking is about transforming processes to improve agility and get more visibility into data to make better business decisions. We're pleased to be helping Bank of China in the U.K. achieve this transformational initiative.”
With the help of a browser-based application, Bank of China employees in London in the loan, trading services, banking, clearing and IT departments have role-based authenticated access to their appropriate daily interbank transactions. Adding up to 12,000 GBP a year on paper alone, this measure has allowed the bank to eliminate the need to print out hard copies, IBM has stated in a press release.
In March 2010, the company opened an Energy & Utilities Solutions Lab in Beijing, China. IBM combined advanced analytics skills, industry-specific offerings and best practices to make energy and utility networks safer, more efficient and smarter. The lab will develop industry-specific solutions based on the energy and utilities industry. The E& U Solutions Lab will be manned by a dedicated team of developers, IT architects and experts.
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Edited by Tammy Wolf