The Bank of Taiwan has signed a two-year contract under which Unisys will extend its new core banking system to support the bank's seven overseas branches and manage requirements under Taiwan's Anti-Money Laundering legislation.
The new core banking system will expand the current domestic core banking system — which Unisys has supported for 20 years — to include the overseas branches. This move creates a single global system that leverages the bank's existing investments in staff, reporting and risk management procedures.
The new core banking system is also designed to help Bank of Taiwan comply with Taiwan's Money Laundering Control Act. Under the act, Bank of Taiwan must check messages from the SWIFT financial network in real time against various local and international watch lists to prevent transactions with terrorists or other listed parties. The system also facilitates centralized AML regulatory reporting.
The application will run on two Unisys ClearPath Libra Model 400 servers — Intel Xeon processor-based open mainframe systems designed for organizations with core business solutions that require transaction integrity, high security and uninterrupted transaction processing.