“We are very pleased and proud to be able to bring this leading solution to Manulife. DBS’ customised solution reinforces our strong relationship with Manulife and clearly positions DBS among the few global cash management providers to support financial institutions and large corporates with this kind of robust and scalable digital platform.
“Insurance is a rapidly growing market and the successful implementation of DBS’ SWIFTNet-FileAct connectivity with Manulife is a demonstration of the flexibility and innovation that DBS continues to bring to this market. A combination of highly specialised skills, flexibility and a deep and thorough understanding of Manulife’s objectives contributed to the success of this project,” Soh Kian Tiong, Head of Financial Institutions, Government Linked Corporations, Institutional Banking Group, at DBS Bank, said.
“DBS’ transaction banking business has been one of our strategic priorities since 2010 and, with our customised solution for Manulife, we are taking a further step forward to help clients achieve greater efficiencies and business growth,” Sohfern Boey, Head of Global Transaction Services at DBS Bank (Hong Kong) Limited, said.
Implementing SWIFTNet-FileAct connectivity for corporates and non-bank financial institutions provides a highly secure, reliable and cost-effective way to transfer large volumes of data in different formats, including mass payment information, business-critical files, documents, images and other data, around the world.
With this connectivity, Manulife can obtain financial services from DBS Bank (Hong Kong) Limited via a single, highly secure, and standardised communication platform. The highly customised solution also enables Manulife to achieve straight-through processing and standardisation in the channel delivery mechanism as well as reporting that is suited to its needs. The standardised platform has helped Manulife reduce IT development costs, save time in integrating with different bank systems, and enhance the overall customer experience.
DBS Bank (Hong Kong) Limited also further improved the Direct Debit Authorisation delivery to the SWIFTNet-FileAct connectivity to enhance process automation. As much of the Direct Debit Authorisation setup process in Hong Kong is still done manually with paper documentation, this sophisticated automated solution builds the foundation for the smooth and seamless handling of increasing Direct Debit Authorisation volumes in future.
DBS Bank (Hong Kong) Limited seamlessly developed and implemented the SWIFTNet-FileAct connectivity to support Manulife’s new treasury system, which uses SWIFTNet-FileAct as the major delivery channel for its bulk transactional activities. A special DBS taskforce was formed to coordinate and work with Manulife’s Toronto-based technology team and successfully performed four weeks of comprehensive testing to ensure the system’s operational integrity.
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About DBS’ Global Transaction ServicesDBS’ Global Transaction Services business generates nearly SG$1.5 billion in revenue annually. With its comprehensive suite of products and services, the business has garnered some 150 accolades. These include “Best Asian International Transaction Bank, Asia-Pacific” by The Asian Banker and “Best Global Cash Management Bank, Asia-Pacific” by Asiamoney. DBS Bank (Hong Kong) Limited was also ranked first for “Best Overall Domestic Cash Management Services” and “Best Overall Cross-Border Cash Management Services” by small, medium and large corporates, first for “Best Foreign Cash Management Bank” by small and medium corporates, as well as "Best Local Currency Cash Management Bank in Hong Kong as voted by Financial Institutions – HKD” at the Asiamoney Cash Management Poll 2014.
About DBS DBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
