Schlumberger inks deal with China's Bank of Communication
Posted: 2 July 2003
This agreement with SchlumbergerSema signals major milestone
in competitive edge for one of China's leading banks
SchlumbergerSema, the information technology business segment of
Schlumberger Limited, announced it has been awarded a significant
project to develop and deploy its best-in-class card payment solution
for one of China's leading banks, Bank of Communication (BOCOM).
In order to compete effectively, BOCOM selected SchlumbergerSema
for its experience in integrated solutions for the banking and finance
sector.
BOCOM is seeking to strengthen and grow its credit card business
and aggressively position itself to accelerate the introduction
of new value-added products and services as a result of this agreement.
SchlumbergerSema will provide BOCOM with a total solution including
business process consulting, project planning, management and implementation
and the delivery of software customisation and support.
The solution will encompass the Schlumberger card payment systems
Essentis* and CardLinK*, addressing the demands for multi-card scheme,
multi-lingual and multi-currency capabilities, multiple delivery
channel support, and reduction of risk levels and automatic fraud
detection.
"We are confident that with SchlumbergerSema, BOCOM can achieve
a dramatic improvement in key activities such as those associated
with acquiring new merchant partners and credit card holders, issuing
new cards and promoting provider-side and merchant-side transparency,"
said a senior BOCOM official.
"With a total solutions approach and a proven service delivery
infrastructure, SchlumbergerSema will definitely help us achieve
lasting competitive advantage in the areas of cost-effectiveness,
flexibility, scalability and technology relevance to the market
place."
With the opening up of China's economy through the WTO agreements,
China's banking sector is facing mounting pressures from foreign
competition in the near term.
In order to compete effectively, Chinese banks will need to upgrade
their technological and service capabilities. Banks will need to
update their payment systems, differentiate their brand, and accelerate
the introduction of new value-added products and services.
At the same time, they will need to provide a single view of every
customer's financial picture, offer customer-friendly services via
multiple distribution channels, find innovative ways to recover
costs through incentives, and eliminate fraud and risk.
"As a global IT services provider with extensive local experience
and capabilities in China, SchlumbergerSema is committed to helping
BOCOM meet the challenges of the finance industry in China,"
said Ping Lee, SchlumbergerSema general manager, China, Korea and
Taiwan.
"SchlumbergerSema is a leading payment-systems solutions provider
serving over 100 banks worldwide and our success with BOCOM demonstrates
our ability to meet customer needs across the full spectrum of services,
technology and complementary solutions such as a turn key fully
Managed Card Services (MCS)."
About BOCOM
Bank of Communication (BOCOM) was established in 1908. After 1949,
the Bank's domestic business was incorporated into that of the People's
Bank of China and People's Construction Bank of China while its
Hong Kong Branch continued its business operation.
Franchised as pilot bank for the state financial reform, BOCOM
was re-organised by the State Council in 1986 to meet the need for
the economic system reform of China.
In 1987, BOCOM, the first joint-stock commercial bank in China,
started its operation officially.
Under the framework of single legal entity with two-tier administration
and a centralised credit management system under which credit lines
were authorised tier by tier corresponding to the internal credit
status they enjoyed, a more optimised branch management system was
in place which ensured the healthy development of a commercial bank.
At present, the Bank has branches and sub-branches in 86 big and
medium-sized cities in China with a total of about 2,700 outlets
across the country.
So far, it has established correspondent relationships with 1,352
Head Offices and Branches of 466 banks in 76 countries and regions.
The Bank was rated "the best bank in China" by Euromoney
and Global Finance magazines, respectively, in 1998 and 1999.
About Schlumberger
Schlumberger is a global oilfield and information services company
with major activity in the energy industry.
The company employs 78,000 people of more than 140 nationalities
working in 100 countries, and consists of three business segments.
Schlumberger Oilfield Services is the world's premier oilfield services
company supplying a wide range of technology services and solutions
to the international oil and gas industry.
SchlumbergerSema is a leading supplier of IT consulting, systems
integration, and network and infrastructure services to the energy
industry, as well as to the public sector, telecommunications and
finance markets.
WesternGeco, jointly owned with Baker Hughes, is the world's largest
and most advanced surface seismic company. In 2002, Schlumberger
revenue was $13.5 billion.
For more information see www.slb.com.
Posted by Richard Price,
Editor Pipeline Magazine
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