Payment news, December 21

MoneyGram expands remittance network in India, while Siam Commercial Bank chooses a currency management system from Transoft International.

Siam Commercial Bank implements currency management solution

Thailand’s Siam Commercial Bank (SCB) has appointed Transoft International to implement its next generation currency management system, called OptiCash, across its operations. SCB has the largest automated teller machine and branch network in Thailand.

“Once a decision was made to upgrade our system, we ran detailed parallel pilots on products from selected vendors in the market including Transoft’s daily cost optimisation applications,” said Siwate Rojanasoonthon, senior vice-president at SCB’s logistics operations, in a statement. “As OptiCash appeared to provide the best results for our complex environments, the choice was relatively clear.”

Transoft has recently secured cash management mandates with banks in other countries worldwide including Russia and Mexico.

MoneyGram adds three banks to Indian network

Global money transfer service provider, MoneyGram, has increased its service locations by an additional 4,200 in India. The remittances company is partnering with Axis Bank, Bank of Baroda and Vijaya Bank, increasing total agent locations to more than 30,000 in India.

“According to the World Bank, India is the number one remittance country in the world, taking in nearly $50 billion a year. It goes without saying that this is an important market for MoneyGram,” said Nigel Lee, executive vice-president of Europe, Middle East, Africa and Asia-Pacific at MoneyGram, in a statement. “We are convinced that the agent relationships with Axis, Baroda and Vijaya banks will be successful in meeting customer needs and growing our presence in the region.”

Great Eastern Life selects enterprise data management platform from Eagle

Great Eastern Life, a life insurance group based in Singapore, is implementing an enterprise data management solution from Eagle Investment Systems, a financial services technology provider and subsidiary of BNY Mellon. The new platform will help consolidate and aggregate investment data to streamline operations and respond to regulatory requirements.

“As an organisation with over $50 billion in assets under management at the group level, and experiencing fast growth in the markets we operate in, Great Eastern was looking to build an integrated system that is capable of aggregating data across all asset classes, markets and currencies to help facilitate quick decision making,” said Tony Cheong Jin Keat, group chief financial officer of Great Eastern, in a statement. “This was something that became extremely important after the global financial crisis. I am confident that with the Eagle data management system, we will have single consistent views of all our investments and risks across the group.”

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