DH Corporation (TSX: DH) (“D+H”), a leading provider of technology solutions to financial institutions globally, is proud to announce that Bank of China has been named a Model Bank by global financial services research firm Celent in the category of Corporate Payments & Infrastructure Modernization. Bank of China was recognized for the implementation of its Global Unified Payments Platform, which uses D+H”s global payment hub solution to
process payments for the entire Bank of China Group, both domestically and internationally.
Seeking to become a leading player in the international banking arena, Bank of China decided to unify all of its global payments systems by connecting numerous local clearing systems to make payments between global branches seamless.
Its Global Unified Payment Platform (GUPP) project also served to internalize payment channels, centralize and share global payment information, integrate systems and processes, and support the bank’s Renminbi (RMB) business.
The bank’s efforts were quickly rewarded with improved revenues, reduced costs, and the expansion of its RMB business overseas. Within three years of the project’s implementation, the solution was rolled out to 40 branches in 26 countries. This GUPP initiative, combined with the speed and efficiency of its implementation, makes it a for other banks that seek to revolutionize their business through a payments system transformation.
“Congratulations to Bank of China for implementing an incredibly large scale and complex payment system across its global branches in such a remarkable timeframe,” says Moti Porath, head of payments product management, D+H. “This project represents the bank’s push to position itself as a global leader in the international payments field, and it facilitates overseas RMB transactions. D+H is proud to be able to contribute to Bank of China’s success.”
According to Gareth Lodge, Senior Analyst at Celent: “The Model Bank Awards recognize how banks are using technology to change the face of banking. They serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Bank of China clearly demonstrated this.The scale and complexity of the project undertaken made this a clear winner in a very competitive category.”
This year’s banks were selected from over 100 nominations—a record year for these prestigious awards.