Implementation of enterprise payments infrastructure and cash management system across nine Asian countries boosts ANZ’s regional move, with plans to extend the system to three more in the near future.
November 21, 2014 | Neeti AggarwalFive years ago, Australia and New Zealand Banking Group (ANZ) embarked on its journey to become a super-regional bank, an ambition that required an aggressive growth strategy and strong commitment to technological enhancement. The bank needed an operating model to support the enhanced scale of operations and uplift its capacity in Asia. A key initiative by the bank in achieving this was the implementation of a platform for regional payments and cash management that would enable high value, cross-border payments in order to strengthen its transaction banking business.
With its new platform, ANZ can now support multi-office, multi-country and multi-currency services with higher efficiency at a lower cost.
Problems to be addressed
Before implementation, the processing of international and domestic payments was carried out manually, which resulted in fragmented processes and sub-optimal revenue outcomes, and could potentially hamper the bank’s growth strategy. The bank also realised the need to improve its payments and channels capabilities to make inroads as a full service bank and to grow customer volumes from its purchase of Royal Bank of Scotland (RBS) assets in Asia.
Additionally, the bank needed an enterprise payment solution that could integrate with different core banking systems in multiple geographies and support transactions from various channels.
It was imperative for the bank to automate the processing of international payments and increase operational efficiency through improved straight-through processing (STP). It sought to implement a standardised payment process using pre-defined business rules, process workflows and enhanced exception management, and needed a system that could provide a full payment history and audit trail.
Another critical requirement was the provision of a Management Information System (MIS) to meet internal and regulatory reporting requirements and to reduce operating ...
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Core Banking, Data & Analytics, Data Management, Operational Risk & Security, Risk and Regulation, Risk Management, Technology & OperationsKeywords:Standard Chartered Bank, Management Information System, Financial Analytics, PeopleSoft General Ledger, Teradata
