Success Story: Bank Consortium Trust

Straight-through processing with Axway for SWIFTNet increases productivity and reduces costs

  • Headquarters

    Hong Kong
  • Industry

  • Challenge

    Automate funds dealing and trade processing to increase productivity and reduce operational costs

  • Solution

  • Results

    • Enables exchanges via SWIFTNet across all formats, protocols and SWIFTNet-supported modes, including FIN, XML, FileAct, InterAct, real-time, and store-and-forward
    • Guarantees end-to-end supervision, control and the tracking of data flows
    • Integrates and transforms native formats of any kind to SWIFTNet formats, and vice versa

“We chose Axway for SWIFTNet not solely because of the flexibility of its solution, but also because of its experience in serving banking and finance customers worldwide.” 

Automated Processing of Equities and Funds Activities

Bank Consortium Trust Company Limited (“BCT”), a major provider of pension and trust services in Hong Kong, has chosen “Axway for SWIFTNet” to automate its funds dealing and trade processing, thereby increasing productivity and reducing operational costs. This technology initiative is part of BCT’s continuous commitment to provide its customers and partners with leading-edge and world-class services.

With Straight-Through-Processing (STP), BCT will be able to fully automate its fund administration processes from placing orders, receiving confirmations to issuing settlement instructions electronically without manual intervention, giving BCT a competitive edge as the company’s fund services will be further enhanced with greater efficiency and reliability.

“We chose Axway for SWIFTNet not solely because of the flexibility of its solution, but also because of its experience in serving banking and finance customers worldwide,” commented Ms. Ka Shi Lau, Managing Director & CEO of BCT. “Our assets under management exceed HKD 10 billion and the size of our customer base is over 380,000. Since customer focus is one of our key business directives, it is critical for us to work with a partner, Axway, with expertise and robust, extendable software solutions that will support us in providing quality services to customers in an efficient and effective way.”

It is great news that market leaders in the trust and pension industry like BCT have adopted straight-fund automation to bring down processing costs and improve service levels for their customers,” commented Mr. Eric Chua, Regional Head for Investment Funds Solutions for SWIFT. “Tying up with a SWIFT solution partner like Axway will enable companies to cut down the implementation cycle, giving them better ROI for such automation projects. By adopting international standards (ISO 20022) and best practices for fund processing, this will fuel further growth for banks and fund managers in the wealth management business,” he added.

With over 1,500 banking and finance customers around the world, Axway, a SWIFT partner, works actively to promote automation to fund management industries in the Asia Pacific. Axway for SWIFTNet allows exchanges via SWIFTNet in all formats, protocols and modes supported by SWIFTNet including FIN, XML, FileAct, InterAct, real-time, Store and Forward. The solution guarantees the supervision, total control and the tracking of dataflows from end-to-end, integrates formats whatever they are, transforms them into standard SWIFTNet formats, and vice versa.

“Our assets under management exceed HKD 10 billion and the size of our customer base is over 380,000. Since customer focus is one of our key business directives, it is critical for us to work with a partner, Axway, with expertise and robust, extendable software solutions that will support us in providing quality services to customers in an efficient and effective way.”

About Bank Consortium Trust Company

Bank Consortium Trust Company Limited (“BCT”) was established in June 1999. Backed by eight local banks in Hong Kong with over 250 member bank branches, BCT is one of the major MPF and pension services providers in Hong Kong, and offers a full array of pension products including master trust scheme, industry scheme, employer sponsored scheme, ORSO schemes, and third-party administration services for other schemes.

Currently managing over HKD 10 billion of assets, BCT is committed to be the “provider of choice” in pension and trust services through dedicated professionals, innovative systems and infrastructure, quality and timeliness of services, and good corporate governance.

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