Taipei Fubon Bank pioneers in using Ares international fund automation solution FSTP
Taipei Fubon Bank recently adopted ARES-FSTP (Fund Straight Through Processing) for SWIFTNet Funds developed by Ares International Corp., with the foreign fund exchange automation going on line on November 14, 2006. This is not only a key indicator of the internationalization of Taiwan's financial industry, but shows that Taipei Fubon Bank is the first bank in Asia to go successfully online for such service.
For years, fund management has relied on paper and fax messages as well as manual process flow. According to estimations, the losses that are caused by manual or process errors amount to billions of US dollars each year globally. Global fund exchange electronic automation is the global financial market trend. Not only will this replace the traditional paper/fax operation, efficiently lowering manual processing costs and operation risks, but offering fast, accurate and efficient services.
Taipei Fubon Bank, which finished the automation and straight through processing for its foreign exchange and financial department more than ten years ago, has chosen Ares for the partner of its fund exchange automation after careful consideration and assessment. “Automation and internationalization are the set policy directions for Taipei Fubon Bank while also the paths must taken for Taiwan's financial industry to compete in the international financial market”, said Sunny Tzou, assistant vice president of Taipei Fubon Bank.
“Ares has more than twenty years of international financial software experiences, is the strategic partner of SWIFT in Taiwan, has in-depth understanding of various standards and technologies of SWIFT and has complete control over the XML technology, according to Tzou, who is also currently the chairman of TFOG (Taiwan Fund Operations Group).
Through ARES-FSTP, Taipei Fubon Bank expects to not only finish the automation of fund distribution, reaching the international straight through processing standard, but place itself as an example for local banks and thereby improving the global competitiveness of Taiwan's financial industry.
Ares, the only Regional Partner of SWIFT in Taiwan, mainly assists SWIFT in improving the quality of finance automation in Taiwan for its finance business. Ares not only continuously provides SWIFT software and technology integration services for local financial companies, but also develops finance software products meeting the standards of SWIFT while assisting local financial business to directly connect to the international market. ARES-FSTP is a self-developed product by Ares for the SWIFTNet Fund segment. Through working with Taipei Fubon Bank, Ares aims to turn a new leaf for the finance automation of Taiwan via integrating the resources of Ares, the bank and SWIFT.