SINGAPORE, Oct. 13, 2015 /PRNewswire/ -- IBM (NYSE:
IBM) today announced new support to manage high volume global
payments in all types of currency. Already supporting the
transmission of 30 percent of financial messages across the SWIFT
network, IBM Financial Transaction Manager (FTM), now also enables
banks to converge their SWIFT payment operations onto one payment
hub to improve operational efficiency and speed transactions while
delivering a seamless banking experience for clients.
The Society for Worldwide Interbank Financial Telecommunication
(SWIFT) network enables financial institutions worldwide to send
and receive information about financial transactions in a secure,
standardized and reliable environment. For banks around the world,
financial transaction processing is complex, spread across multiple
platforms and often dealing with many different currencies and
transaction types. Banks need a foundation to manage all their
payment operations on a single advanced platform to reduce costs,
increase transparency and simplify payments procedures. With
today's announcement, FTM expands delivery of multi-payment,
multi-currency platform which can deliver the speed, security and
simplicity banks are looking for to build new services and deliver
both batch and real time solutions to their clients.
Payments are a $1.3 trillion
business for banks, representing about 34 percent of total bank
revenues in 2013, projected to grow to more than 36 percent of
total revenues by 2017. [1] Payment hubs represent the evolution of
the global payments industry and hold the promise of providing an
open and integrated platform for transactions.
"Banks face considerable challenges in coordinating the many
accounts and multiple bank communication channels that are needed
to ensure a seamless flow of money across their global networks.
These include excessive costs, process inefficiencies to cash
management and related financial operations," said Keith Melton, director, IBM Commerce Payments.
"The first digital, international hub will make it easier for
customers to convert payments and help our banking clients take on
the competition from foreign currency exchanges."
Already used by major banks worldwide for processing more than
110 million financial messages per day, clients are already taking
advantage of the new capabilities. For example, ABK Systeme GmbH, a
provider of global electronic payments with more than 100 banking
customers across Europe, is
integrating FTM into the E.F.I.S. electronic back office system to
provide a payment-processing platform for more than 80 different
formats and standards on the global payment market. ABK is using
FTM on IBM z to support the significant growth they have seen in
payment transactions. This combination of hardware and software
helps to deliver security and integrity in every payment
transaction without sacrificing service quality.
"By offering our international customers integrated interfaces
for all communications protocols using IBM's proven FTM software,
we can rapidly deliver new services to clients and help ensure
compliance" said Ulrich Buch, CTO,
ABK-Systeme. "By linking to SWIFT, we can deploy the latest
architecture and the entire spectrum of communications protocol
required by our clients."
About IBM Commerce
IBM Commerce helps clients understand customer behavior and use
insights to help deliver highly personalized and relevant
experiences at every touch point. For more information on IBM
Commerce, please click here.
For more information about IBM Banking, visit
ibm.com/banking.
Join the conversation on Twitter by following @IBMBanking and
using #IBMBanking
[1] McKinsey global payments map Sept
2013
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