– Award recognizes bank and strategic IT partners for groundbreaking payment platform installation
Jersey City, NJ – Fundtech, a market leader in global transaction banking solutions, is proud to announce that Bank of China, IBM, and Fundtech have received the The Asian Banker’s China Technology Implementation Award 2014 for best corporate payments project. The award was given for the bank’s implementation of its Global Unified Payment Platform.
In September 2012, Bank of China selected Fundtech to provide and implement its Global PAYplus solution, along with IBM as its technology implementation consultant. The solution allowed Bank of China to unify payments platforms across branches in dozens of countries and to connect disparate local clearing systems. In September 2013—less than 12 months after signing the contract—the bank went live with the platform in a number of countries. Today Bank of China has improved processes, reduced costs, begun to centralize payment information and integrate systems, and is expanding its renminbi (RMB) business overseas—all critical steps in its goal to become a leading player in the international banking marketplace.
“Financial institutions today face significant challenges, including streamlining global operations and increasing efficiency while reducing costs,” says Isaac Yaniv, Executive Vice President, Global Payments, Fundtech. “Fundtech would like to congratulate Bank of China not only for this prestigious award win, but also for having the vision and commitment to take on such a transformative payments project.”
“We are pleased to recognize Bank of China, together with IBM and Fundtech, in their pursuit of payments technology implementation excellence,” says Foo Boon Ping, Managing Editor, The Asian Banker. “Working together, these players have executed one of the most significant payments transformation projects in the APAC region in a remarkably short timeframe.”
The Technology Implementation Awards, conducted by The Asian Banker since 2006, are designed to recognize achievement and identify emerging best practices in technology implementations within the Asia Pacific region. Winners are selected by a panel of advisors, industry leaders, practitioners, and academics, based on in-depth submissions that exhibit new concepts, new technologies, and creative thinking.