Payment news, February 1

Bank of Tokyo-Mitsubishi announces a partnership with Union Bank for cash management, while Saigon Hanoi Bank implements a core banking platform from Polaris.

Bank of Tokyo-Mitsubishi partners with Union Bank for cash management

The Bank of Tokyo-Mitsubishi UFJ (BTMU) has announced a partnership with Union Bank to provide global deposit and cash management services for the combined customer base of both banks. JoAnn Bourne, senior executive vice-president at Union Bank and head of Union Bank’s global treasury management group, will be responsible for leading the alliance.

“JoAnn brings a depth of expertise honed through years of successfully fostering teamwork, understanding and predicting customer needs, and responding nimbly to volatile economic conditions,” said Tatsuo Tanaka, deputy president of BTMU and chief executive of its global business unit, in a statement. “We are confident that she will accelerate progress toward reaching our goals of unifying and strengthening our global market presence.”

Bourne will also assist in establishing a new transaction banking organisation with BTMU to provide deposit and treasury services to its US and Asian corporate clients.

Saigon Hanoi Bank implements core banking platform

Vietnam’s Saigon Hanoi Bank (SHB) has deployed a core banking platform from financial technology company Polaris Software. The system, called Go Live with Polaris’s Global Universal Banking (GUB), includes all trade finance, lending, internet banking, core banking and treasury functionalities that leverage Polaris’s intellect accelerator implementation methodology.

“We are happy and proud that SHB Vietnam has gone live with Intellect GUB 10.0 platform in just 11 months and successfully completed five months of deployment,” said Arun Jain, founder, chairman and chief executive of Polaris Software, in a statement. “Intellect Global Universal Banking 10.0 is an ‘industrial strength’ platform that will enable SHB to offer better products and services in the market with enhanced customer experience.”

Brady secures extended mandate from Xstrata

Xstrata Copper Australia has chosen a trading and risk management solution from Brady, a global solution provider. The solution, which has already been implemented in Argentina, Chile, Dubai and Peru, will provide Xstrata with a global centralised risk management interface for its copper mining operations.

“This implementation follows the previous implementations for Xstrata Copper in the Middle East and South America and we are pleased to extend the rollout of the Brady solution,” said Greg Brew, project manager of the global commercial project at Xstrata Commodities, in a statement. “We anticipate immediate benefits of having more of our operations using centralised risk management. Brady will enable us to have a unified approach across many of our operations and, at the same time, tightly manage our risk potential with maximum efficiency.”

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