Bank of Philippine Islands implements Sterling Commerce file transfer software
14 May 2007 | 2084 views | 0
Source: Sterling Commerce
Sterling Commerce, an AT&T (NYSE:T) subsidiary, today announced that the Bank of Philippine Islands (BPI) has launched a secure file transfer service to streamline a file-based delivery channel between its customers’ financial and treasury systems and BPI.
The new service is built on Connect:Direct, the Sterling Commerce point-to-point file transfer software optimised for high-volume, assured data delivery of files within and between enterprises. Sterling Commerce not only extends greater operational efficiency to BPI, but also provides the predictability and management necessary for the successful movement of an ever increasing number of files moved both inside and outside of the organisation, leading to improved customer satisfaction and growth.
"As the second-largest Philippine commercial bank with more than 900 branches and 6,000 cash management customers across the Philippines, it is imperative we provide a secure channel to transfer files within our bank as well as to our customers," said Ma-an Calilong, channel manager, BPI. "With straight-through processing (STP) becoming a treasury best practice, we wanted to cater to customers' needs for a more streamlined and secure process.
"Connect:Direct is the backbone of our file transfer foundation and provides us with the ability to integrate with our customers' systems and receive real-time information securely. It also enables us to rapidly identify and resolve transfer issues to meet service agreements, thus providing our customers with a higher level of service, and ultimately, a better experience with the bank," added Calilong.
Deployed by reseller ITAC, this service recently went live with one of BPI's customers, a multinational company in the manufacturing industry. The bank expects more than 10 customers to leverage this service by the end of 2008. Target users belong to the multinational and top-tier local company segments that are ready for STP.
"Connect:Direct is used in the top 10 banks worldwide to provide secure, predictable and reliable movement of high-value, mission-critical files. BPI is leveraging Sterling Commerce's market leading solutions to ensure it is able to meet its customers' expectations and deliver higher levels of service," said Michael Coyle, vice president, global product line, Managed File Transfer, for Sterling Commerce. "BPI's use of Connect:Direct gives it a strong competitive advantage in STP. We are excited by the partnership that has been established between Bank of Philippine Islands and Sterling Commerce."
Prior to the implementation of the file transfer service, BPI's customers exchanged bank statement and funds transfer data electronically. However, there were still points in the processes that required manual intervention, resulting in the administration of additional systems. Initially intended for internal purposes, BPI managed to build on the capability of Connect:Direct to develop a file transfer service for its customers, thus positioning itself as a leading provider of STP solutions in the banking industry in the Philippines. Aside from the revenue generated from set-up fees, BPI also will be able to integrate itself in the client's cash management processes and subsequently be part of the client's overall transactions.
According to Michael Araneta, senior research manager, Financial Insights, "Banks across Asia Pacific are constantly looking for new ways to leverage technology to drive improved security and customer service. BPI is a great example of that - through the use of Connect:Direct, they were able to build a competitive advantage in cash management in the Philippines."