Citibank is leading the regional charge to automate orders for mutual funds by automating the labour-intensive process using Swift message protocols. Increasing volumes in mutual funds, such as the offshore business in Taiwan, and heightened competition from local and foreign banks such as HSBC and Standard Chartered Bank, have spurred Citi to seek a competitive edge and cost savings in automating fund orders. The bank is in the process of consolidating processing into Singapore, making the hub the natural location to implement this.
The benefit is operational efficiency, says Maureen Low, head of regional investment operations at the global consumer bank in Singapore. Straight-through processing lets us improve customer service we can...
