Mandates and payments roundup, May 3

DBS strengthens its factoring network in Asia, while BoA Merrill obtains Bank Readiness Certification from Swift.

DBS expands Asia-Pacific factoring network

DBS Bank has launched its export factoring services in Indonesia for the first time, increasing its factoring network to six markets in Asia-Pacific. The bank now provides factoring services in China, Hong Kong, India, Indonesia, Singapore and Taiwan.

“By 2020, Asia will account for 60% of global trade volumes with trade flows in Asia-Pacific estimated to grow by an average of 7% per year,” said Tom McCabe, group head of global transaction services at DBS, in a statement. “The demand for factoring services in Asia will rise in tandem.”

In January this year, DBS India obtained Factors Chain International membership, which allows the bank to expand the factoring solutions it offers to its clients in the country.

BoA Merrill obtains Swift certification

Bank of America Merrill Lynch (BoA Merrill) has obtained Bank Readiness Certification from the Society for Worldwide Interbank Financial Telecommunication (Swift). The bank joins Swift’s online database, allowing corporate customers to access information about the Swift capabilities of their banking partners.

“The Swift Bank Readiness Certification programme is an important process that validates a bank’s Swift capabilities to its corporate customers,” said Elie Lasker, head of corporate market at Swift, in a statement. “It eliminates uncertainty and makes it easier for corporate customers to make decisions related to Swift.”

IndusInd Bank chooses core banking solution from Infosys

India’s IndusInd Bank has implemented Infosys Technologies’ Finacle core banking solution. The new solution will provide IndusInd Bank with straight-through-processing capabilities and support for multi-channel and multi-currency transactions.

“The bank sits at the cusp of significant growth both in terms of its physical distribution and the range and sophistication of its product suite,” said Paul Abraham, chief operating officer at IndusInd Bank, in a statement. “In these circumstances, we look to our core banking system as a facilitator of scale, controls and access. It should also be something that enables us to service clients with a spectrum of products and services, while being flexible and cost effective.”

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