SUNNYVALE, Calif., Tuesday, Nov. 9, 2004 -- Vitria (Nasdaq: VITR), a leading provider of business process integration solutions, announced today that Korea Exchange Bank (KEB), the leading foreign exchange bank in South Korea, has selected Vitria:BusinessWareâ¢ to provide the business process management (BPM) and integration infrastructure for its next generation banking system. Vitria will collaborate with LG CNS, a Korean systems integrator with a specialty in financial services, for additional engineering and consulting resources to complete the project. Currently, the new state-of-the art system is scheduled for full deployment by mid-January 2005.
Since its inception as a bank specializing in foreign exchange and trade financing, KEB has grown into one of the largest full-service financial services providers in Korea. KEB focuses mainly on corporate banking through services as foreign exchange, trade financing and lending. The bank also offers investment banking, e.g., custody services, underwriting and financial advising; as well as retail banking, e.g., consumer loans and deposits, credit cards and trust services.
Vitria:BusinessWare will provide the foundation for KEBâs ambitious next-generation banking system. By integrating existing data, applications, business process and customer contact channels, both internally and externally, the Vitria solution will ensure KEBâs customer data passes seamlessly between legacy and newly built systems, eliminating the need to manually re-key information from one system to another. In addition, Vitria:BusinessWare will enable the real-time posting of transactions and facilitate more streamlined record keeping, helping KEB to realize cost savings and enhanced business efficiencies almost immediately.
"Maintaining customer satisfaction during this time of rapid growth is paramount at KEB," said Mr. In-Gook Cho, head of the system management team at Korea Exchange Bank. "An infrastructure built on Vitria:BusinessWare will enable us to better serve our customers by providing the foundation for a robust integration and BPM environment, enabling efficient streamlined business processes and a real-time view of our customersâ financial transactions. Vitria has also helped us save resources and reduce the project implementation time," added Mr. Cho.
The next-generation banking system will help KEB shorten the companyâs time-to-market for delivering new products and services. Vitria:BusinessWare will also be used to help improve the quality of existing services by supporting real-time business process integration. Over time, KEB plans to expand current EAI adoption by implementing service-oriented architecture (SOA)-based BPM requirements across applications.
"Banks conduct the most rigorous return on investment studies and look closely at a vendorâs customer successes in their sector before finalizing any buying decision and Korea Exchange Bank was no exception," said Dale Skeen, founder and CEO, Vitria. "Our selection by KEB offers further proof that Vitria:BusinessWare can transform a financial services organization by improving the way transactions are handled and making information more precise and accessible to all, thus enabling higher levels of customer care than ever before."