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Business Analytics and Optimization, IBM and Social Marketing

Informix Helps Bank of China in London Cut Paper Use 95%

IBM announced today that the Bank of China in London has reduced the paper consumption associated with its interbank messages by 95%, using a solution from IBM Business Partner Centric iSolutions built on the Informix database.  (Bank of China in the UK Works With IBM to Become a Smarter, Greener Bank)

The Bank of China in London needed to manually print and distribute roughly 3,000 interbank messages daily to the appropriate internal departments, which was, apart from being an avoidable operational risk, very costly in terms of manpower and paper consumption, requiring approximately 50 pounds of paper per day. In addition, employees had access to these transactions to monitor them for accuracy and normal business processing activity through limited search capabilities.

Bank of China employees in London now have access to messages through an online search capability, allowing them to monitor transactions as they are sent and received by the bank.  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 stiff penalties or high overnight interest rate charges if messages are not responded to in the same day.

"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% and allowed us to make more timely and accurate decisions," said Stephen Hinds, COO of Bank of China's London branch and subsidiary.

Link:  Bank of China in the UK Works With IBM to Become a Smarter, Greener Bank