SWIFT solution provider Ares shares Fintech developments in Taiwan
Ares International Corp., a professional provider of SWIFT (Society for Worldwide Interbank Financial Telecommunication) solution, was recently invited into SWIFT Business Forum Taiwan 2016 in the Westin Taipei. The topics of the forum were focused on cross-border payments as well as Fintech developments in Taiwan. More than one hundred and seventy of financial organizations, audit administrations, infrastructure and enterprise representatives attended to share their latest views and prospect on the marketplace.
Fintech blew up and became a fad around the world in recent years. How does each financial company cope with the coming of innovative finance revolution constantly disrupting traditional financial business models? According to MIC (Market Intelligence & Consulting Institute), electronic payment, API (Application Programming Interface), IOE (Internet of Everything) are three highlights of global Fintech in 2016. Particularly, electronic payment is the most important one amongst these developments that financial companies essentially seize. Under this digital wave, all companies must face and set up the adaptive strategies to possess strong advantages for Fintech revolution.
Qinwen Xiao, director of Payment Department at SWIFT APAC, started to introduce its Global Payment Innovation Initiative (GPII). Meanwhile, Ms. Xiao mentioned how to utilize various innovative thinking to actively distribute banking services and to promote innovative business like cross-border payments under the circumstance of clients’ fast-changing requirements.
Frank Lin, general manager of Ares, also shared that financial companies should consider how to fuse applicable innovative thinking with the present financial systems and to find feasible business models to help improve customer experience processes. Mr. Lin used rich experiences of Ares in developing and being an agent for SWIFT products as well as solutions to indicate that financial companies should not follow the Fintech fad only, but return to the customers’ angle to consider what values technologies can bring for them. Afterwards, companies could develop their own business models by integrating with technologies.
For example, building ARES-FSTP (Fund Straight through Processing) for SWIFT Funds System can reach the automation and standardization of funds transaction process and achieve STP for fund investment automation by utilizing SWIFT Funds. Companies could not only shorten the operational time but effectively reduce the risks and costs of manual operations, which means no additional staff are necessary even in the case of abruptly increasing transaction volume.
Mr. Lin further mentioned that the core value of Fintech was not only to overturn original business models but to provide customers a comprehensive financial service experience. Furthermore, Ares exhibited a series of financial products and services including eAresBank overseas branch core system, AFEIS (Advanced Foreign Exchange Information System), Visual-Pricing-Tool, and ARES Treasury System in response to this forum topic- combine finance with technology to build an innovative future.
Ares International Corp. has strived for the SWIFT-related implementations and all the SWIFT standards while cooperating with SWIFT closely. In 2002, Ares became SWIFT Business Partner and was certificated as the SWIFT Service Partner in 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. With abundant SWIFT experiences and professional knowledge, Ares has developed solutions including SWIFT Messages Integration, Funds Automation solution, Global Cash Reporting solution, and so on. Ares has assisted over 80% of banks in Taiwan in implementing, maintaining and upgrading SWIFT infrastructure. In 2008, Ares became the only SWIFT Regional Partner in Taiwan and its professional service is proven to be SWIFT Ready Service.
More information about SWIFT: http://www.ares.com.tw/en/products/swift/
- First Taiwan-based software company to be listed on the Taiwan Stock Exchange (TSE) and has been dedicated to IT services for thirty five years
- Professional information management system provider of greater China, specializing in research and development technology and system integration, and provides informatization services from single products to total solutions for main service clients throughout financial, government, industrial and commercial enterprises
- Certified regional partner of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in Taiwan
- First government-acknowledged IFRS (International Financial Reporting Standards) ERP solution provider, first Oracle partner in Taiwan and Microsoft Gold Certified Partner
- Largest provider of Manufacturing Execution System in Taiwan LED industry
- Top player of the Taiwan foreign exchange and core banking solution provider, which even has been mentioned in Gartner reports