ABN AMRO Bank has launched a Commercial Banking Application (CBA) solution for its trade finance process.
The Dutch bank is now using the latest version of Norwegian software vendor IBAS GTF – Global Trade Finance Factory to run its global trade finance operations, the companies said in a press release on Monday (3 July). .
“As a result of our close collaboration, we can expect to benefit from increased efficiency and automation, reduced operational risk, and lower total cost of ownership,” said Lead Product Owner of Personal and Business Banking, Transaction Banking and Trade Finance at ABN. said Burak Aslan, AMRO Bank said in a release: “The new development will enable us to onboard new customers faster and further improve the customer experience, putting us well-positioned to expand our global trade finance operations.”
According to a press release, the launch follows a renewal of a five-year partnership agreement between ABN AMRO Bank and CBA to work together towards automating trade finance processes.
New release of IBAS GTF compliant with ISO 20022 CBPR+ standard to route trade finance payments to banks’ central payment hubs, supports other SWIFT updates and provides convenient customer journeys for bank customers is stated in
“CBA’s mission is to use our software to streamline and simplify global banking operations so that banks can truly to help achieve efficiency reductions in “The five-year development cooperation agreement between CBA and ABN AMRO Bank is the result of the deep and successful business relationship we have built and embodies the further long-term commitment of both parties.”
Digital technology will drive innovation in trade finance, enabling faster decision-making and more streamlined processes, PYMNTS reported in January.
Historically, trade finance has been bogged down by lengthy risk assessment and underwriting processes that can take days or weeks to access credit. But as the digital toolkits deployed by banks and their partners have grown, the lending process has accelerated, with many trade finance loans being approved and paid out on the same day.
In another recent development, trade finance provider Cleareye.ai announced on June 20 that it has received a strategic investment from JP Morgan to provide trade finance solutions to large banks and their clients around the world.
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