China's largest state-owned bank has licensed new data handling technologies in its efforts to improve operating efficiency and lower costs in several banking areas, including letter of credit (L/C) management.

Beijing-based Industrial and Commercial Bank of China (ICBC) has signed with Misys Wholesale Banking Systems for technology to run up to 15 international branches from a single data centre hub in Shenzhen.

ICBC's new branch in Macau is the first to go live on the global hub. Branches in Singapore, Tokyo, Seoul and Hong Kong are now being plugged into the centralised system.

Cost benefits

The bank says centralising branches into a hub will enable it to benefit from increased operational efficiency and lower costs.

The consolidated hub will apparently give the bank greater control for risk management purposes because customer information will be centralised according to a statement issued by Misys.

Two suites

The Trade Innovation suite of technologies developed by Mysis will support the bank's trade finance operations, including L/Cs and collections, open account and associated payment and lending services.

A separate suite by the same developers known as Midas will support ICBC's corporate banking business.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.