Sumitomo Bank Automates Its Bond Settlement
SUMITOMO Bank has rolled out a new eurobond payments system at its London office, developed by financial technology consultants CGS Hoskyns.
Bank officials say the system allows better control of operational risk by fully automating the administration of eurobond issues.
Graham Hodgkin, Sumitomo's manager of corporate operations, says the bank initially decided to replace its manual spreadsheet-based settlement procedures with one central database for the eurobond portfolio.
The bank first
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