Canada-based software provider Surecomp has today announced the expansion of its Trade Finance-as-a-Service (TFaaS) offering to enable smaller and mid-sized banks to improve their trade finance processing efficiencies and customer service.

Committed to helping drive post-pandemic economic recovery and anticipated global trade finance growth, Surecomp’s new service offering allows banks to benefit from DOKA-NG – Surecomp’s back-office trade finance solution – via a cloud-based SaaS deployment.

Following the successful introduction of Surecomp’s Trade Finance-as-a-Service (TFaaS) solution in 2020, Surecomp said this latest service expansion reinforces its mission to digitise the trade finance space, and facilitate a more efficient and customer-centric trade finance operation for banks.

Within 10 weeks of project initiation, as Surecomp points out, resource-constrained banks can be live with a TFaaS solution to automate the processing of letters of credit and guarantees, for a subscription fee starting at $50,000 per year.

“By committing to deliver our powerful, cloud-based trade finance solution in such a short timeframe, we are helping drive growth of not just our banking customers, but of their extended customer network, who will benefit from importing and exporting goods faster than ever before,” said Enno-Burghard Weitzel, senior vice president of strategy, digitization, and business development at Surecomp.

“While quick and easy to onboard, we are also offering the ability to scale as transaction volumes grow and future needs evolve.”

Surecomp is aligned with the International Chamber of Commerce’s (ICC) Trade Now initiative, which aims to empower small and medium-sized enterprises (SMEs) by helping them leverage digital tools to access trade finance products and help unlock the liquidity needed to bridge the trade finance gap.