(10 August 2016 – China) Swift has announced that Industrial and Commercial Bank of China (ICBC) has implemented its entire SWIFT Watch portfolio of solutions to analyse the bank’s traffic across its network.
ICBC will now be able to draw upon targeted business analysis and insights from SWIFT data using SWIFT Business Intelligence (BI) solutions; Watch Traffic Analytics, Watch Banking Analytics, and Watch Banking Analytics Premium, with the latter launched in 2015, as well as SWIFT’s peer benchmarking service.
According to Swift, ICBC will be able to perform a variety of functions with the platform, including:
Conduct comprehensive analysis and reporting of group-wide SWIFT message flows and aggregated SWIFT totals
Analysis of cross-border payments in various countries and regions
Access to accurate and timely information on the development of the RMB internationalisation
Benchmarking performance in key markets against a set of anonymised peers using the peer benchmarking service
Gain access to additional payload information: Account Servicing Institution, Account with Institution and Charging information.
“As a global financial institution, ICBC has been focussing in particular on the strength of our cross-border payments and clearing. To achieve this we wanted to gain greater insight into market data as well as our traffic over SWIFT,” says Gao Jun, Deputy Head of Operation Management Department, ICBC.
Astrid Thorsen, Head of Business Intelligence Solutions at SWIFT said: “ICBC is a great example of a bank that sees the value of deeper analysis of not only its own data but of its peers’ wider market data, providing tangible and actionable insights to help shape strategic business decisions.”