Bank’s browser-based app dramatically cuts paper usage
The Bank of China in London is reducing its paper consumption by 95 percent as part of a strategy to improve business efficiency. The bank manually printed and distributed about 3,000 interbank messages daily to internal departments, which was costly in terms of manpower and required 50 pounds of paper per day.
The Bank of China turned to IBM to help its London branch and subsidiary automate the processing of those interbank messages. Now with the new system, employees can monitor and analyze messages through an online search capability. They check transactions as they are sent and received by the bank. The new solution consists of IBM Informix software and Centric iSolutions software running on IBM System x servers.
The electronic routing and monitoring capability—along with a powerful search engine—allows the bank to ensure transactions are processed in the proper settlement time period. Banks can face high overnight interest rate charges if messages are not responded to the same day.
Stephen Hinds, COO of Bank of China’s London branch and subsidiary, says, "The improved access to information has been key in helping us meet compliance regulations and reduce costs. The availability of information across all our departments has led to further benefits such as reducing our paper consumption by 95 percent and allowed us to make more timely and accurate decisions. IBM and Centric iSolutions have been instrumental in helping us stay ahead to more efficiently manage an increasing number of interbank transactions and monitor business process activity across multiple departments."