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Industry roundup: 17 June

Guotai Junan International implements Hazeltree for treasury management

Guotai Junan International (GTJAI), a major overseas platform of Guotai Junan Securities who is a financial provider in the Chinese securities industry, has implemented Hazeltree as its treasury management solution. 

To support its continued growth, GTJAI has implemented Hazeltree to centralise cash and treasury management, improve operational efficiencies and strengthen internal controls. GTJAI has partnered with Hazeltree to automate manual processes around cash balance aggregation across banking counterparties, streamline cash movements and workflows, standardise and strengthen approval processes, and improve cash forecasting and loans management.

GTJAI partnered with Hazeltree to:

  • Improve client support and satisfaction with Hazeltree’s streamlined treasury solution.
  • Leverage Hazeltree’s industry-specific treasury solution, designed exclusively for financial services firms.
  • Realise process improvements and efficiencies by reducing errors, speed to quality information for decision support, and risk by replacing legacy, manual spreadsheets.
  • Gain competitive market advantage through adoption of Hazeltree’s latest innovations.

"With our continued business success, GTJAI is focused on partnering with the latest fintech providers to support our goals," said George Wong, Managing Director, head of Treasury Department at GTJAI. "Hazeltree delivers on the technology promise, while simultaneously elevating treasury to a strategic function. With Hazeltree, we are streamlining our cash management function, client service model, and decision making, while improving controls and reducing risks."

 

Temenos to accelerate modernisation of Societe Generale’s transaction banking platform in Europe and Asia

Temenos has announced that it has been selected by Societe Generale to modernise the account management and payment systems for its Global Transaction Banking activities in Europe and Asia.

Societe Generale provides a range of services to address the operational and day-to-day transaction needs of its corporate and institutional clients. In the face of a technology revolution reshaping customer expectations and the competitive landscape, Temenos agile technology platform will enable the bank to deliver corporate banking products and services with digital-first experiences to stay ahead of the curve.

Societe Generale will replace existing legacy systems with Temenos’ cloud-native banking platform in 13 countries across Europe and Asia as part of a strategic transformation plan to offer new and differentiating global transaction banking services and drive growth.

Temenos Payments will provide the payments engine for financial transactions across all Asian countries. With this next-generation platform, the bank’s international entities will be ISO20022-ready domestically and internationally. Temenos says the bank will benefit from the agility and flexibility to process payments from any channel, external or internal, with different message or file formats, all in real-time.

Temenos cloud-native technology will enable Societe Generale to adopt a hybrid implementation with Temenos software in its data centres or in the cloud - all running from the same source code. Operating on a unified platform for account management and payments across geographies is expected to increase operational efficiency and agility while reducing cost and risk.

 

American Express launches its first checking account for US small businesses

Kabbage, an American Express Company, has launched Kabbage Checking, the first business checking account offered by American Express and made for US small businesses. With an annual percentage yield (APY) of 1.10 percent on balances up to US$100,000, the account is designed to help small businesses grow, with no monthly maintenance fees, no set-up fees and 'on-the-go features' - backed by American Express.

Amex said that Kabbage Checking marks the first of several new digital cash flow management solutions. It has also begun offering Kabbage Funding to some existing customers with plans to make it more broadly available later this year. Kabbage Funding offers small businesses the opportunity to apply for flexible lines of credit between US$1,000 and US$150,000. Together, these products are a part of an integrated platform from Kabbage, combining data-driven products, including payment processing and business insights, to help US small businesses manage their cash flow.

"Small businesses should not have to sacrifice the features they expect from a bank in order to experience the benefits of an affordable business checking account," said Gina Taylor Cotter, senior vice president of Strategy and Business Operations at Kabbage. "Kabbage Checking is built to give small businesses the flexibility of mobile banking - from in-app account management to mobile check deposits - with the convenience of a traditional bank - including in-person cash deposits, free ATM access, and a compelling APY to directly support our customers’ growth."

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