Rhyme

The dynamic trade finance business today demands flexibility and quick responses to customer needs  

Reducing the amount of paper involved in trade finance is a concern of corporates and banks alike.

The first steps toward full automation are already being taken and new opportunities to conduct trade at cheaper cost, lower risk and higher speed are emerging. To remain competitive, companies need to ensure that their trade finance processes are efficient and adaptable.

The automation of trade finance operations such as LC Issuance, LC Confirmation, LC Settlement and Bills of Collection, delivers real benefits derived from the need to reduce Turn Around Times, minimise error rates and enhance customer service.

The DataScan system focuses on the electronic capture, movement and management of contractual papers that are fundamental to the Trade Finance process.  It is designed to dramatically improve Turn Around Times, and reduce costs and errors in the process.

Rigorous control and management of documents can also assist with the evolving requirements of regulations such as BASEL II and Sarbanes Oxley.

The DataScan.Online and DataFlo solution from 3i Infotech is a suite of simple document management and workflow applications designed to compliment or enhance the existing trade finance process. Its’ distributed architecture allows users to access the system from anywhere across the globe - at anytime.

Implementing such a solution can help to address the following issues:

The entire range of trade finance activities beginning from contract initiation, calculation of commissions and foreign exchange to accounting, SWIFT messaging and management reporting can be automated with the help of DataFlo, integrated to any core banking system with a trade finance module.

DataFlo can be deployed to manage all events in the life cycle of an LC right from handling the request for an LC to the final payment made to the reimbursing bank. Details about booking, subsequent amendments, calculation and collection of commission and charges and, finally, the availability can be automatically processed and monitored.

Case Study

The client was recently named by Global Finance Magazine as 'Best Trade Finance Bank in Europe' and 'Best Trade Finance Bank in France'. 

One of the largest international banks with stong networks with throughout Asia and a significant presence in the United States. It is the 1st largest French company and 5th in the banking industry worldwide, 1st bank in the Euro Zone (‘Global 2000 Forbes’ 2008), 6th  most valuable international banking brand (Brand Finance 2008).

When this bank recognised the need to automate and centralize the processing of Trade Finance documents, it turned to 3i Infotech for a Web based solution that delivers the performance and quality parameters defined by the group policy of the bank. Using DataScan.Online and Dataflo, the new solution enables seamless access to information under a centralized database and easy tracking of documents, thus leading to improved customer satisfaction.

The bank implemented our trade finance solution in 7 different countries to optimise the entire lifecycle of the process, enhancing performance and profitability levels within the bank.

Since the implementation 5 years ago, they have also added functionality on the existing platform to handle transactions such as credit card applications, Loans Processing and signature verification.