Standard Chartered Bank (China) has recently launched "Universal Adaptor" – an innovative online tool that allows the Bank’s corporate clients to define their own file templates or use pre-defined ones, and send transaction messages to the Bank through Straight2Bank Access (host-to-host) and Straight2Bank Web channels.
Universal Adapter simplifies the integration between clients and the Bank, enhancing efficiency in financial process management. The online solution significantly reduces cost, time and resources while offering to corporate clients the flexibility to use the file format of their choice to integrate with the bank.
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The adoption of the Universal Adapter by Walsin Lihwa, a Taiwan corporation, is a prime example of how clients can benefit from Universal Adaptor through quick and easy integration supported by features such as character conversion from Traditional Chinese to Simplified Chinese and a library of readily available formats from banks, major ERPs and industry standards.
Anthony Lin, Managing Director, Head of Transaction Banking, Standard Chartered Bank (China) Limited, said, "We are very glad to see that Universal Adaptor is welcomed by our clients. As digital technology evolves, it is becoming increasingly important for banks to come up with more flexible, convenient, and tailor-made solutions. Universal Adaptor is an integrated solution combining easy and flexible file mapping with automated character conversion for payment instructions. Standard Chartered is always at the forefront of technology development, and will continue to lead the market by offering more innovative financial solutions for our clients."
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Walsin (China) Investment Co., Ltd. ("Walsin Group"), headquartered in Taiwan, has been growing rapidly over two decades and has set up more than 20 production and sales bases in China. These bases include copper, fibre optic, power cable and specialty steel manufacturing sites and sales network in mainland China. The strong momentum for growth has resulted in very high transaction volumes.
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By GlobalDataWalsin established its ERP system in Taiwan, and faced a critical challenge – its proprietary file format and its usage of Traditional Chinese characters in payment instructions may not be accepted by the bank in mainland China. As a result, the payments instructions were processed manually, including thousands of payments from 20 entities, which added significant cost and delays to the organisation.
In May 2013, Walsin signed up for Standard Chartered Bank’s Straight2Bank Access with Universal Adaptor. The tool allowed Walsin to retain its proprietary payment format, which was in Traditional Chinese, from its ERP system, and automatically converted Traditional Chinese into Simplified Chinese, the only language accepted by China National Automatic Payment System ("CNAPS", a local clearing system in mainland China). With no additional cost and effort, Universal Adaptor has helped Walsin optimise its payment workflow and significantly increase their operational efficiency.
