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  • IBS, IBM announce that IBM will support IBS in accelerating construction of next-generation international settlement network

    2016-07-19From:

    Luo Feng , chairman of the IZP Group( back row , fourth from left ) , chairman of IBM Greater China, Chen Liming ( back row , fourth from right ) and other leaders attended the signing ceremony
     
    On July 15, 2016, the signing ceremony between International Business Settlement Co., Ltd. (IBS) under IZP Group and IBM was held in Beijing. The two sides jointly announced that IBM will support IBS in accelerating the construction of the next-generation distributed international settlement network, and the two sides will jointly explore the application of block chain technology in the settlement and payment industry, so as to provide secure, efficient and low-cost financial services to customers. Present were Luo Feng, chairman of IZP Group; Chen Liming, chairman of IBM Greater China and other executives.

    IBS is a global financial technology company. Benefiting from China's huge trade volume, the rapid advancement of RMB internationalization and the vigorous development of emerging technologies, IBS is deploying its international financial settlement network in the global market, especially in the countries along the "Belt and Road". So far IBS has gained access to interbank settlement from over 40 countries in Europe, Central Asia, Africa, South Asia, and the Middle East and North Africa, and is expected to move into over 120 countries and regions in the coming three years.

    Emerging financial technologies, such as cognitive computing, IOT and block chain, have kept the whole financial industry at a major turning point, and technology development is driving forward the settlement system characterized by decentralization and distribution. Through financial technology application and innovation, based on block chain technology, IBS has come up with a unique concept of regional settlement ring and is committed to constructing the next-generation international settlement network.

    System security, risk controllability and the capability of global deployment are vital to IBS and exactly the advantages of IBM. IBM will work with IBS in fields such as business strategic planning, business operation consultation, and IT system planning and construction, to support IBS in constructing the next-generation distributed international settlement network, and jointly explore the application of block chain technology in the settlement and payment industry.

    IBM boasts rich experience in global finance, settlement and payment. Of the world top 60 banks, 90 percent are IBM's customers and 90 percent of transactions are supported by IBM systems. Through cognitive technology, big data analysis and cloud service, IBM is supporting all industries in rebuilding their business models.

    Based on the next-generation international settlement network, IBS will create a direct RMB settlement channel for customers, to enormously reduce settlement costs and accelerate the withdrawal of Chinese enterprises' capital from abroad; and will provide real-time full-amount settlement service at the central bank level to reduce the risk of capital loss from exchange rate fluctuation.

    "Connected to central banks and commercial banks in all countries, IBS' next-generation settlement network will provide efficient and direct settlement infrastructure to enterprises to build a financial highway for the trade globalization of China. With rich experience and the capability of global deployment in the financial industry, IBM can support IBS in accelerating the creation of five regional settlement rings in Europe, Central Asia, Africa, South Asia, and the Middle East and North Africa, to serve the global market," said Luo.

    "By grasping the technology trend to construct the next-generation international settlement network, IBS will not only offer enterprises more efficient and secure financial services, but also change international settlement rules and promote the development of global trade. IBM will invest in financial technologies such as cognitive commerce, IOT and block chain. All these technologies will profoundly change finance and other industries," said Chen.