It was all fanfare in February 2009 when the Bank of China BOC and the Bank of Tokyo Mitsubishi UFJ BTMU signed an agreement to create the first direct bank-to-bank connection through Swift's trade services utility.
At the time, Michael Cheung, head of China and North Asia at Swift, said in a statement The agreement is a milestone in Asia and reflects the commitment of our industry leaders to move the Asian and indeed global community forward in terms of automated, standardised trade settlement.
The trade services utility, or TSU, is a centralised matching engine for banks to handle open account trade transactions. The utility went live in April 2007...
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