Ares assists Shanghai Commercial & Savings Bank in adopting Swift Funds

Source: Ares

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 standardisation. Realising fund investment automation - STP (Straight-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.

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 have adopted 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.

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