SWIFT, a provider of financial messaging services, has had its Watch portfolio of solutions adopted by the Industrial and Commercial Bank of China (ICBC), helping analyze the bank’s traffic across its comprehensive network, according to a SWIFT statement.
Per the new integration, ICBC will look to tap into SWIFT’s targeted business analysis and insights via its Business Intelligence (BI) solutions, Watch Traffic Analytics, Watch Banking Analytics, and Watch Banking Analytics Premium.
SWIFT’s Watch suite was originally launched back in 2005 and presently has expanded to include products and services as part of its BI portfolio. The portfolio now features a broad spectrum of intuitive tools including analytics, insights, consulting services and economic indicators catering to such realms as payments, securities, treasury and trade finance.
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SWIFT’s Watch analytics suite helps advance operational business intelligence. Moreover, the utility helps analyze global message volumes to understand the market, benchmark performance against peer groups, review operations, message costs, and billing data.
ICBC is looking to achieve a number of new capabilities with the assimilation of the Watch product, including conducting sweeping analysis and reporting of group-wide SWIFT message flows and aggregated SWIFT totals. Moreover, ICBC is looking at exploring a deeper analysis of cross-border payments in various countries and regions, whilst accessing information on the development of the RMB internationalization.
According to Gao Jun, Deputy Head of Operation Management Department, ICBC, in a recent statement on the solution: “As a global financial institution, ICBC has been focusing in particular on the strength of our cross-border payments and clearing. To achieve this we wanted to gain greater insight into market data as well as our traffic over SWIFT.”
“As we began to use SWIFT Watch BI, we soon realised how effortless it was to obtain and analyse market data, particularly the cross-border payment market’. Through SWIFT Services, on boarding and training was simple and efficient, enabling all new end-users to get up to speed with the tools,” he added.
“The intuitive nature of SWIFT’s BI portfolio provides comprehensive and drill-down analysis on a wide range of data, making it a powerful tool for banks in helping them understand their market and their footprint in that market,” reiterated Geertjan van Bochove, Head of Analytics, Asia-Pacific at SWIFT, in an accompanying statement.