Bank of Bermuda has gone live with a new corporate cash management system developed by the bank in association with IBM and PKI security vendor Entrust
Alongside a full suite of banking transactions, including account transfers, bank drafts and international wire payments, the bank's GlobalConnect services offers real-time transactions in different currencies, online deposit dealing, future-value dating and straight-through processing. Full account and transaction histories enable clients to trace and monitor their finances at all times.
Michael Collins, head of banking services, Bank of Bermuda, comments: "GlobalConnect was created because we saw the advantages our corporate clients would gain from the right online banking service. We had the corporate banking expertise, but knew that to build an exceptional online banking platform, we needed to partner with the leading experts in technology and online security."
David Hyland, director of product management, Bank of Bermuda, whose team was responsible for designing the application, adds: "GlobalConnect has a powerful entitlements framework, enabling clients to set the access rights and transaction limits of every user at the individual account level by transaction type, and to choose multiple authorisations where necessary."
The implementation of the bank's PKI was audited by Ernst & Young to provide independent assurance that GlobalConnect conformed with industry best practice.