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ANZ only Aussie participant in TSU project

ANZ only Aussie participant in TSU project

(11 October 2006 – Global) ANZ is the only Australian bank to participate in the SWIFTNet Trade Services Utility (TSU) pilot which began on 19 February 2006. The TSU scheme has been designed to help banks offer advanced supply chain services to their corporate customers involved in open account trading.

"The TSU supports supply chain information exchange by increasing visibility and confidence and providing banks with a springboard for their services. The challenge for banks is to design and deliver a range of financial supply chain solutions that enables their clients to manage receivables and payables more accurately and ultimately reduce working capital requirements," SWIFT said.

"Banks can extend value added transaction and financing services related to cash flow, from the buyer’s initial order through reconciliation and ultimately payment to the seller."

The full list of the 18 banks contracted for the SWIFTNet TSU commercial product in advance of an as yet unannounced live launch date is: ABN AMRO, ANZ, Banco do Brasil, Bangkok Bank, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, First Rand, HSBC, JPMorgan Chase, Banco Popular, Korea Exchange Bank, The Royal Bank of Scotland, SMBC, Société Générale, Standard Chartered Bank and The Bank of New York.

Feedback from the pilot will enable SWIFT to assess the delivery date for a commercially sustainable offering to the market.

"The commercial launch is driven by the banks’ being able to technically, legally and commercially offer TSU-enabled services to their corporate clients and the conclusion of additional volume testing," SWIFT said.
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