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Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation Group (SMBC), headquartered in Tokyo and listed on the Tokyo Stock Exchange, Osaka Securities Exchange, and Nagoya Stock Exchange, offers a broad range of financial services centered on banking. The bank was founded in April 2001 from the merger of Sakura Bank and Sumitomo Bank, forming Sumitomo Mitsui Banking Corporation. Presently, there are 578 domestic branches (excluding sub-branches and agencies), 21 branches overseas (excluding sub-branches and representative offices) and total assets over $99 billion. The Group is engaged in the leasing, securities, credit card, investment, mortgage securitization, venture capital and other credit related businesses.
Client Opportunity
SMBC wanted to increase the speed and efficiency of trade-related activities for their customers; and decrease the complexity of their trade finance services. This included improving system connectivity through the use of XBRL, a standard business reporting language, managing business reporting through content management, optimizing business processes through workflow automation, and increasing security through the use of electronic signatures.
Niteo's Solution
To address these goals, NEC, with the assistance of Niteo Partners, created the first online XBRL-based trade finance service for SMBC named "Global e-Trade." NEC developed the core of the project in Tokyo, while Niteo used their expertise to identify the right XBRL solution and vendor to use.
The new Global e-Trade service has the following features:
- A web service designed for handling comprehensive foreign trade business between clients and their banks.
- A data standard and taxonomy for representing key trade finance documents including export letters of credit, bills of lading, and remittance detail, using XBRL.
- Internet connectivity to coordinate data exchange between shipping companies and overseas banks.
- Sophisticated security features that integrate into business workflow and provide document authenticity, integrity, and non-repudiation through the use of electronic signature technologies.
Client Result
- The first Internet-based service that handles comprehensive foreign trade and finance documents and utilizes a standard business reporting language was launched for SMBC in March 2003.
- The new "Global e-Trade Service" system enables SMBC to provide online trading and financial services such as electronic management of export Letters of Credit, electronic acceptance service for Bill-of-Exchange, and remittance information. The new site integrates relationship management, merger and acquisition information, commercial credit, and research and trading applications from across the firm.
- With the new system based fully on XBRL, SMBC's customers can use a globally standardized document format to complete their trade-related activities more easily, with more reliability, and more cost effectively. It can be easily integrated with other SMBC systems and deployed worldwide, allowing direct connectivity with global standard messaging and settlement networks.
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