Raiffeisenbank Implements Digital Trade Finance Platform
Two entitites of Raiffeisenlandesbank today announced that they are live with a Digital Trade Finance Solution that will enable end-to-end operational optimisation as a response to changing market demands and consumer behaviour.
Intellect Global Transaction Banking (iGTB) has implemented the SWIFT certified Digital Trade Finance platform for Raiffeisenlandesbank (Niederösterreich-Wien AG and Raiffeisen-Landesbank Steiermark AG).
The new technology will help to centralise the trade finance IT operations across the bank.
Austria, with its highly developed banking sector, provides a well-connected banking network that consists of nearly 600 banks. The Central Bank, Oesterreichische Nationalbank, encourages digitalisation. Raiffeisen, Austria’s leading group of banks, has responded by doubling down on digitisation by providing innovative customer-centric solutions. The top-ranking Austrian commercial bank can now offer higher straight-through processing (STP) rates for incoming trade finance SWIFT messages, provide letters of credit, documentary collections and guarantee commitments online and provide periodic charging and settlement options for customer accounts.
The iGTB’s Digital Trade Finance platform will increase operational efficiency by automating complex functions such as third-party three-layer letter of credit and guarantee transactions. Business processing operations like a refund of charges and routing of payments transactions are also automated.
Mr. Felix Mayr, Head of Transaction Banking, RaiffeisenlandesbankfelixNiederösterreich – Wien AG said: “Going live with iGTB’s Digital TradeFinance platform is an important step for our customers and our bank. iGTB’s technology helps us to harmonize the trade finance processes across the Raiffeisen Sector and will thus reduce complexity and overall costs. The platform is flexible enough to accommodate customer demands of all kinds and we are very excited about the implementation of the new digital customer front-end attached toiGTB’s Digital Trade Finance back-end solution.”
The platform is flexible enough to accommodate customer demands of all kinds and we are very excited about the implementation of the new digital customer front-end attached toiGTB’s Digital Trade Finance back-end solution.Mr. Felix Mayr, Head of Transaction Banking, RaiffeisenlandesbankfelixNiederösterreich – Wien AG
Mr. Hannes Meixner, Head of Trade Finance, Raiffeisen-Landesbank Steiermark AG said: “We will be able to deliver a scalable and automated trade finance solution that removes bottlenecks for our clients both domestic and international and enables their sales with minimal cross-border issues. We are convinced that iGTB’s Digital Trade Finance platform has helped us to strengthen our current offering in the market.”
Manish Maakan, CEO of iGTB said: “iGTB’s Digital Trade Finance platform is ready for the next generation of banking, and is bringing an efficient way for risk management and reduced operational risk for the bank. Our product seamlessly integrates with the bank’s existing systems – more than 10 interfaces are operational – maximising the automation of processes like accounting entries in the core, using the payment and posting interfaces. In total, we have implemented 65 user journeys in the trade finance business for the Austrian Raiffeisen Sector. With other three regional Raiffeisenlandesbanks expected to go live by November 2019, Raiffeisen will be further enabled by a single Digital Trade Finance platform, enabling them to deliver consistent, superior customer experience across the whole country.”