Payment news, February 8

Bank of Hebei chooses a core banking solution from Fis, while Japan's Rakuten Bank partners with Travelex for international payment services.

China’s Bank of Hebei implements banking solution from Fis

Global banking and payments technology provider, Fis, has secured a mandate from Bank of Hebei to deploy its eCAS2 core banking suite. The Chinese bank has more than 100 branches and Rmb60 billion ($10 billion) in assets and is planning to implement the core banking suite, which is designed specifically for Chinese banks, to support its growth plans from a single city commercial bank to one with a regional presence.

“We wanted to expand our scale of operations quickly and launch innovative new products more easily without sacrificing our reputation for delivering high quality customer service,” said Tong Wang, head of information technology at Bank of Hebei, in a statement. “With Fis and eCAS2, we have a superior software platform and a partner with a profound understanding of the Chinese banking business. This combination is critical to our success within China’s competitive financial services market.”

The core banking suite, which is a customer centric and high volume universal platform, has been implemented by 13 Chinese banks to date.

Japan’s Rakuten Bank taps Travelex for international payment services

Rakuten Bank, part of Japanese e-commerce company Rakuten Group, has chosen to use an international payment service from Travelex Global Business Payments. Travelex will allow Rakuten Bank to process payments in 67 currencies through its international payments platform called GEO.

“GEO is a one-stop shop for international payments; improving efficiency, clearing times and minimising errors, whilst ensuring a better customer experience through seamless service integration with existing online banking platforms,” said David Sear, divisional managing director at Travelex Global Business Payments, in a statement. “It provides a seamless and intuitive global network and lets financial institutions take advantage of Travelex’s global footprint and scalable infrastructure solution to open up new revenue streams and dramatically improve service levels for their customers.”

Travelex’s GEO platform was launched in late 2010 and was specifically developed for financial institutions to provide a flexible, scalable and secure platform without the need to develop an expensive in-house infrastructure.

Oracle launches new liquidity risk management solution

Oracle Financial Services has launched a new solution to its financial services suite called Reveleus Liquidity Management. The new addition offers a single solution to aid banks in ensuring compliance with new and emerging regulatory requirements.

“In an era of increased regulatory requirements – including the onset of Basel III – and heightened shareholder scrutiny, financial institutions are rethinking their approach to liquidity risk management,” said S. Ramakrishnan, group vice-president and general manager at Oracle Financial Services Analytical Applications, in a statement. “They are seeking solutions that enable them to proactively and centrally identify and assess risk under many types of market conditions, and develop effective plans for closing liquidity gaps.”

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