Riyadh, KSA, June 11, 2002 ---- Arab National Bank (ANB), a leading Saudi commercial bank, has chosen GE Global eXchange Services (GXS), a leader in business-to-business internet commerce, to provide the software and services for a major e-business initiative.
The bank will use GXS's Saudi*Tradanet, an electronic transaction engine, and GXS's Application Integrator, a mapping and translation tool, to provide seamless exchange of information between ANB and its 17 correspondent banks in Asia and the Middle East.
Through Saudi*Tradanet, all electronic transaction documents can be quickly exchanged between ANB and its correspondent banks in a structured and understandable format. All ANB correspondent banks will use GXS's Desktop EDI, a Windows-based EDI-translation and business document management tool to retrieve their documents from Saudi*Tradanet.
With this solution, ANB will be able to easily monitor and maintain its relations with the correspondent banks using electronic transactions with high security and reliable standards. In addition, ANB has established a single secure connection to the GXS transaction management infrastructure (TMI) to exchange business documents with more than 750 cities around the globe in over 58 countries.
"We are pleased to be given this opportunity to work with the Arab National Bank and simplify the way they process secure transactions with their correspondent banks around the world," said Ali Saleh, Country Sales Manager, GE Global eXchange Services, Saudi Arabia and Bahrain.
"With the provision of these solutions and services, the need for multiple connections for the banking network is negated, enhancing productivity and saving money in the long run," added Saleh.
"To maintain our competitive edge on a world-wide basis, we recognise the need for continual improvement in efficiency," said Ahmad Ashgan, General Manager, IT Group of ANB. "GE Global eXchange Services offers the global expertise and proven technology to help us communicate with our business partners very cost-effectively."
Besides the Arab National Bank, GXS's Application Integrator software and the supporting services that are offered by GXS are used in other financial institutions.
GE Global eXchange Services (GXS) operates one of the largest B2B e-commerce networks in the world, with more than 100,000 trading partners. The network's 1 billion annual transactions account for $1 trillion in goods and services. With a presence in 58 countries, GXS applies Six Sigma quality processes to provide e-commerce solutions that help businesses around the globe remove costs from their supply chains. GE Global eXchange Services is a part of the General Electric Company, U.S.A., and is headquartered in Gaithersburg, MD. Visit our Web site at www.gxs.com.
ANB is a leading Saudi bank with 116 domestic branches and a branch in London. It was the first bank to introduce Internet Banking in Saudi Arabia and is leading the field in remittances to correspondent banks, the service for which the GXS software is used. ANB is known in the Saudi market for introducing innovative banking products like consumer loans, Islamic accounts, and packaged accounts. Visit our website at www.anb.com.sa
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