Highly Commended for Best SWIFT Solution with Reval, Fides
At a celebratory luncheon today for Treasury Today Asia magazine’s 2016 Adam Smith Awards Asia, Prudential Corporation Asia was highly commended for Best SWIFT Solution, using the bank connectivity service of Reval, a cloud-based platform for treasury and risk management. Prudential Asia’s Hong Kong-based treasury team leveraged the straight-through processing within Reval to connect to Fides, a third-party SWIFT service bureau.
Prudential uses the Reval platform across the APAC region to better manage daily liquidity limits, counterparty risk and enhance enterprise-wide cash visibility for over 1,000 bank accounts. “The complexity and diversity of our banking footprint across the region meant that we could not build an in house solution to deliver the services we needed,” says Richard Shaw, Director of Treasury at Prudential Corporation Asia. “By leveraging technology through Reval, SWIFT and Fides, we now have a daily, automated and robust process that enables us to monitor and manage our cash exposure across the region, whereas before, our process was manual and could not capture the majority of our counterparties as regularly and effectively as we required. This improvement was achieved with no change in headcount.”
The team processes over 1,000 bank statements, captures short-term investment trades daily from across its 34 business units and tracks the exposures against over 500 limits daily. The system is now being rolled out within the business units across the region to enable them to leverage and benefit from the existing connectivity and cash visibility, along with additional functionality, including standardised cash forecasting processes and automated liquidity management. Reval-generated SWIFT payments will be used to help deliver these solutions.
“Prudential Corporation Asia carries the excellence of the world-class brand here in Asia, and this award is testimony to its leadership and adoption of industry best practices,” says Tony Singleton, Reval Managing Director, APAC. “We couldn’t be more pleased to partner with another Hong Kong team to help them achieve their goals and automate treasury on a common technology platform.”
Prudential Corporation Asia is a business unit of Prudential plc (United Kingdom)∗, comprising its life insurance operations in Asia, and its asset management business, Eastspring Investments. It is headquartered in Hong Kong. Prudential is a leading life insurer that spans 13 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Asian people. Eastspring Investments manages investments across Asia on behalf of a wide range of retail and institutional investors, with about half of its assets sourced from life and pension products sold by Prudential plc. It is one of the region’s largest asset managers with a presence in 10 major Asian markets as well as distribution offices in the US and Europe. It has £104.9 billion in assets under management (as at 30 June 2016), managing funds across a range of asset classes including equities and fixed income.
Reval is a global SaaS provider for Treasury and Risk Management, helping enterprises better manage cash, liquidity and financial risk, and account for and report on complex financial instruments and hedging activities.