Guest Contributor: Neil Vernon, Development Director at Gresham ComputingI’m writing this from Singapore, identified last year by Insead as the 3rd most innovative country in the world and in March 2013 named “Top Innovation City” in a Wall Street journal report.
Financial Institutions and Corporates operating in this region need modern technology solutions that can be rapidly implemented and easily scaled to respond to massively increasing volumes. Even the simplest of problems need automation when faced with internet scale. My colleague, Chris Errington, has recently blogged on one such problem being the identification and allocation of Cash in the corporate bank account (See http://blog.greshamcomputing.com/2013/04/payeridentification/).
Asian market innovation is all about the delivery of next generation technology based solutions; solving business problems arising from rapid growth and rising customer expectations brought about by the so called Asian century. This ‘Technology Spring’ in Asia will see legacy systems that once provided the platform for growth displaced by newer technologies that are fit for purpose and a springboard from which Asia can drive the next phase of dramatic growth.
Financial Institutions and Corporates in the region are managing growing volumes of transactions, from the simple payments and collections to more complex financial instrument flows. They want to streamline and automate the capture and reconciliation of financial information to drive insightful business decisions– they are willing to embrace innovation in their pursuit of change.
The banks in this region, like many others, invested heavily in nostro reconciliation platforms in the last decade, some in the last millennium. They are now asking those same nostro vendors for innovative new solutions for today’s challenges; ideally for the legacy platforms to be repurposed for today and the future. However, most banks are discovering that it is not possible to repurpose yesterday’s technology, the legacy nostro platforms are simply too inflexible and too entrenched in the nostro process (primarily SWIFT based processing) for this re-purposing.