Worldwide Finance Awards 2020

Acquisition International - 2020 Worldwide Finance Awards 15 nternational clients have grown to appreciate the benefits that a global economy can bring to their businesses, but there is still a need to connect local banks to ensure smooth transactions and business operations. The team at IBOS allow global business to work locally, with the large network it has developed enabling banking organisations to share services and provide much needed support. Since it was first established, the main aim of IBOS was to make global banking simpler and more effective than before. It is unique in the fact that it can offer the full range of in-country services to help clients grow and meet their particular needs. This includes local electronic banking and statements; credit, FX, deposit and investment services and facilities; aggregation of account information and concentration of multicurrency balances; complete liquidity management, including cross-border sweeping; and credit cards, payments and cash facilities. The benefits that IBOS can bring to its clients can most clearly be shown in the aftermath global challenges such as the aftermath of Brexit and the current pandemic. The team’s online platform allows customers to easily bank across a number of jurisdictions, helping customers operate efficiently, avoid exchange rate risks and streamline cash management in multiple regions globally. All the information one of the network’s members will need is stored in a single place, allowing for a seamless international banking service. The online platform is the first of its kind in the financial sector, and has played a major role in streamlining the process of opening an overseas account through a domestic branch. It was developed specifically for the purpose of helping the IBOS network function more efficiently in a world where greater online capability is essential. As well as offering a seamless banking service, the platform allows IBOS to help members keep referrals on track. The process of opening an account abroad is simpler and more efficient for underlying clients, leading to member banks processing more referrals, generating incremental business and enhancing the client experience overall. Because the team at IBOS has been thoroughly committed to innovation, the pandemic has allowed them to stretch their muscles and explore new opportunities. IBOS undertook an extensive review of its overheads, enhancing the amount of remote working to save costs. Technologies such as Zoom, Skype, Webex and Microsoft Teams has allowed the business to continue operating throughout the present crisis at much reduced costs. Looking ahead, IBOS is moving to take advantage of the potential of the digital realm. Discussions with a leading technology solution provider As the world of finance becomes more international, the need to work locally has become increasingly important. The answer to this challenge has been formed by the team at IBOS Association, with their strong network of major commercial banks which allow them to offer local banking services across the globe. In the light of their success in this year’s Worldwide Finance Awards, we profile the business to examine how it has been able to accomplish such impressive results. Best Global Banking Network 2020 I regarding tools and resources for documentation to be perfected in accordance with authorisation levels for all parties, specifically AML and KYC documentation, have been ongoing for some time. The team have been exploring ways in which its online platform could facilitate secure access to the documents required. The aim is to further enhance the account opening process and provide additional benefits to IBOS member banks’ clients by creating a fully joined up solution. Naturally, the aim for the firm is to continue expanding its network of banks. July 2020 saw Standard Chartered Bank (SCB) join the group, with more in the Middle East, South Africa and Australia in discussions. The team have proven vital to many organisations remaining open during the pandemic, which has been an invaluable help for customers around the world. It’s clear to see why so many banks have joined IBOS, and why so many of its members use its innovative services. Many financial organisations wait to see where the tide is going, following in the wake of changing circumstances. IBOS lead the charge each time, constantly reinventing the way it works to serve clients better. It’s what has allowed them to achieve such incredible success. Company: IBOS Association Name: Manoj Mistry - Managing Director Web Address: www.ibosbanks.com