Banks unite to offer outsourcing service

Outsourcing is booming in the banking industry, as banks look to concentrate on their core business and save money.
ANZ Bank, Bank of Montreal, Barclays Bank and American Management Systems have launched a trade finance outsourcing service for global trade banks.

Under the banner Proponix, the three banks and the software company which teamed up last August, now provide online transaction processing for letters of credit guarantees, bankers' acceptance, documentary collections and reimbursements. 

Through an Internet-based trade portal, banks and their customers will be able to initiate and track their trade transactions online. Proponix' back-office engine for processing trade finance services runs on a proprietary application called ObjectTradeLine.

Proponix, which is headquartered in Toronto, Canada, will also operate processing centers in Melbourne, Australia, from next month and Hong Kong in...

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