Sterling Commerce, the multi-enterprise collaboration company, announced today that HanaBank, Korea’s third largest bank, has selected the company’s Sterling Integrator (SI) for its electronic Letter of Credit (eLC) System[1]. HanaBank is one of the first five domestic financial institutions to use electronic Letters of Credit. Sterling Integrator, with its e-business integration platform, will enable more efficient multi-enterprise collaboration to streamline business processes.
Working with partner CoreBank Co., a specialized financial solution provider, Sterling Commerce’s SI enabled HanaBank to build eLC systems to better handle communications and authentication in and out of the bank. By using SI’s mapping function, managing incoming LC’s and translating them to ebXML is faster and can be quickly disseminated out of the bank. In addition, the eLC system is also easy to maintain as new documents and new formats can be quickly and easily updated onto the eLC system.
“Sterling Commerce’s Sterling Integrator has enabled us to track end-to-end collaboration processes as well as manage sensitive business data over the eLC system more securely,” commented Han, Sangkyun, Team Leader of the Foreign Exchange Team at HanaBank’s Computation Information Center. “The system is easy to use. In addition to being able to manage the system internally, it is scalable as it can quickly accommodate rapid growth in data volumes as our business grows
“This is a significant win for us in the financial services market in Korea and we plan to continue to aggressively grow our presence in this sector,” said Kang, Jeong Myung, Country Manager of Sterling Commerce Korea. “Secure and efficient data transmission as well as communicating securely within their circle of trading partners is crucial for banks that adopt the eLC system. Sterling Commerce’s Sterling Integrator not only allows banks to securely manage large, complex electronic communities, it also allows real-time interaction with partners across complex value chains.”
About Hana Bank
Hana bank is a financial group majoring in multiplied businesses including commercial banking, investment banking, trust, securities, fund management and insurance business with head office located in Seoul, Korea. Established in July 1991, Hana bank was the former Korea Investment Finance Company set up in June 1971 and went to Seoul Stock Market in 1972. The company also went to London Stock Market in 1996 as GDR. Hana bank’s large shareholders include Korea Development Insurance Company, German Allianz AG, Korea Dongwon Group, Korea Kolon Group and International Financing Company. Over 31 years since its inception, Hana bank has played a leading role in Korea in both operation capability and asset quality and made profit every year despite of financial riot of Southeast Asia in 1998. Through a series of acquisition of Chungchong Bank in 1998 and merging with boram bank in 1999, transformational acquisition of Seoul Bank in 2002, its assets have been expanded rapidly to rank the 3rd in domestic banking institutions.
[1] The eLC system, a government initiated project, is the foundation for the national electronic trading system in Korea.