Ares assists Shanghai Commercial & Savings Bank in adopting SWIFT Funds for better operational efficiency
Ares International Corp. has assisted Shanghai Commercial & Savings Bank (SCSB) to adopt ARES-FSTP for SWIFT Funds system and recently the bank saw the system go live smoothly.
Meanwhile, Ares helped SCSB to implement automatic fax function to reduce the manual processing task of SCSB’s fund order placing in both local market and overseas regions, thereby improving traditional fund exchange process model and rapidly enhancing operational efficiency. According to SCSB, fund automation is the definite trend of fund exchange operations and SCSB wishes to offer better services by adopting SWIFT fund automation.
SWIFT Funds offers a unifying exchange message standard for the global fund industry. With ARES-FSTP for SWIFT Funds, the user can use SWIFT Funds to enable fund exchange process automation and standardization. Realizing fund investment automation – STP (Strait-Through Processing) – can shorten operational time, effectively reduce manual risk and error while sparing additional labor costs amid rapidly-increasing exchange volume.
Ares President Frank Lin indicated that Ares has been promoting automation for Taiwan’s fund industry with SWIFT for years while working closely with fund houses. Therefore, fund automation has become all the more mature in Taiwan, Lin said, adding that Ares expects to assist more financial institutions with its abundant fund automation system introduction experiences so that the institutions can enjoy the benefits of fund automation. Ares, the only regional partner of SWIFT in Taiwan, has assisted over 80% of Taiwan-based banking customers to implement, maintain and update SWIFT-related infrastructure. Ares has not only helped Taipei Fubon Bank to become the first Taiwan-based bank to adopt SWIFT fund automation service, but helped Land Bank of Taiwan to adopt the service.
Taiwan tops Asia's fund automation services. Eric Chua, regional head, Investment Fund Solution, Commercial Division, SWIFT, verified five Taiwan-based banks saw their fund automation service go live last year while eight banks in Asia Pacific currently adopt the SWIFT Funds solution. This clearly indicates that Taiwan not only has a leading position in wealth management but also leads other Asian countries in fund automation, Chua noted. As many as 20 banks are testing the solution now, with 36 banks registering to apply for the service, he added.
About Ares promoting SWIFT
SWIFT, Society for Worldwide Interbank Financial Telecommunication, is a co-operative established by and for the global financial industry in 1973. Since its establishment, SWIFT has been providing worldwide secure and standard financial messaging services and interfaces for 8,141 financial institutions in 207 countries. In order to enable its customers to automate and standardize financial transactions, lower costs, reduce operational risks and eliminate inefficiencies from their business operations, SWIFT is devoted to setting up the industrial standard and providing opportunities for its customers to create new business opportunities and revenue streams.
Ares International Corp. has strived for the SWIFT-related implementations and all the SWIFT standards and cooperated with SWIFT closely. In 2002, Ares became SWIFT Business Partner formally and was certificated as the SWIFT Service Partner in January, 2003. Ares provides Taiwan-based financial institutions with professional consultant services, including the installation of SWIFT Products, the planning and implementation of hobbing for overseas branches, the planning of disaster backup, and so on. Based on abundant SWIFT experiences and professional knowledge, Ares has developed various solutions including SWIFT Messages Integration, Funds Automation solution, Global Cash Reporting solution, and so on. Up to now, Ares has assisted over 80% banks in Taiwan in implementing, maintaining and upgrading SWIFT infrastructure. In 2008, Ares became a SWIFT Regional Partner in Taiwan and its professional service is proven to be SWIFT Ready Service.
Introduction of Ares
Ares International Corp. is the first Taiwan-based software company to be listed on the Taiwan Stock Exchange (TSE). Established for nearly 30 years, Ares is a professional management information system software provider, with professional areas in product technical R&D and system integration. Ares provides products as well as total solutions for e-enterprise, with major service fields mainly for the financial, government and enterprise sides. Ares is honored with the CMMI L3 certification, has outstanding project integration ability, quality guarantee ability, development and maintenance ability and the most complete professional consultancy team.