Payment news, December 14

Weihai City Commercial Bank chooses SmartStream for trade finance, while Fis offers a new finance account service.

Weihai City Commercial Bank implements solution from SmartStream

Weihai City Commercial Bank has implemented SmartStream Technologies’ TLM Trade Finance solution to aid the management of international letters of credit and to guarantee business processes. The new trade finance system is part of the bank’s growth strategy to expand its client services to include international settlement business. The solution was implemented by Brilliance.

"We're delighted with this project delivered by Brilliance, which has enabled us to build a significant new line of business from scratch in a short period of time,” said Qin Haodong, head of international operations at Weihai City Commercial Bank, in a statement. “With TLM Trade Finance we have a robust foundation to continue the expansion of our international trade finance business while implementing best practice processes that reduce errors, lower risk and ensure efficient use of our internal resources. The SmartStream solution has helped us enhance our competitive advantage with a very high quality, efficient, highly scalable platform."

Fis to offer new finance account solution

Global provider of banking and payments technology, Fis, announced the availability of a new low cost, prepaid electronic financial account solution that enables consumers to make electronic deposits and payments as an alternative to a traditional demand deposit account or general-purpose reloadable prepaid card.

"Both underserved and traditional banking consumers are demanding the combination of easy, electronic access to banking services and comprehensive electronic payments capabilities, with a straightforward set of fees and costs, to effectively manage their money," said Frank D'Angelo, executive vice-president of Fis payment solutions group, in a statement. "Electronic financial accounts represent a compelling new opportunity for both financial institutions and other consumer-facing organisations to respond to market drivers such as regulations and effectively serve those consumer needs."

ATMU China mandates NCR for ATMs

ATMU China has mandated NCR Corporation to supply 1,500 new automated teller machines (ATMs). With this new order, NCR will be able to extend its presence in the small and medium bank market in China. The order includes the NCR SelfServ ATM family with intelligent cash deposit and recycling functions.

"NCR recognises ATMU as an innovator in providing an alternative option to banks' ATM investments, which is particularly attractive for small- to medium-size banks," said Gary Miao, president of NCR in Greater China, in a statement. "The deal has broadened our ATM presence in the second- and third-tier market. We will continue to partner with different providers as part of our expanding channel sales strategy in China. We are pleased that ATMU has recognised that NCR SelfServ ATMs can help to generate revenue and provide highly available customer access."

NCR has received large-scale ATM orders from ATMU for three consecutive years, totalling more than 3,000 units since 2008.

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