Today SWIFT held a half-day Solutions Workshop at the Beijing Kerry Centre.
SWIFT's experts both inside and outside of China demonstrated best practices and industry standards to help the local financial community address the impact of economic and regulatory change on the Chinese payments landscape in 2006.
Mr. David. X Wang, Vice President, Commercial Division and Country Head, China, SWIFT said, "Our aim is to help the Chinese banking industry harmonise their payments infrastructure through time-tested solutions, international standards, best practises and a common platform, for the benefit of everyone."
The Solutions Workshop focused primarily on payments and cash management solutions. The SWIFTNet Cash Reporting solution responds to the need for banks to exchange real-time information on cash held in accounts maintained at various links in the global financial supply chain. The solution uses industry-standard formats and standard communication technology. It also allows account servicing institutions sufficient flexibility to customise the service offered and thus build a competitive edge. The SWIFTNet Bulk Payments solution offers users a secure, robust capability to help customers reduce their cost of exchanging bulk payment files (payments, salaries, pensions) in any format with all counterparties.
SWIFT also introduced to the assembled audience of China's top financial leaders, decision makers and IT managers, interface and connectivity options to access SWIFTNet services. The most cost-effective way for SWIFTAlliance Access/Entry users to access the SWIFTNet single window is the SWIFTNet Alliance Starter set. Member Administered Closed User Groups (MA_CUGs) is a way of extending SWIFTNet based services to a banks' customers. A variety of customers can be serviced in MA-CUGs, including corporates, insurance companies, and securities players.
As SWIFT's new China Head, David Wang is leading the transformational role of SWIFT and its business partners in helping the Chinese financial sector reform. He is responsible for the banking and securities industry customer relationships and new business development, with a particular focus on financial service management in payments, operations, risk, trade and treasury services.
David has over 15 years of banking and securities experience mainly in corporate banking, business process reengineering, risk management and operations management. He joined SWIFT in 2005.