How Datamatics Simplified Trade Finance Processes with TruBot

The client is one of the foremost public sector banks, renowned for its extensive network and unwavering commitment to serving businesses and individuals. With a robust legacy in the financial services industry, this bank plays a critical role in facilitating economic growth by providing a wide range of services, including corporate banking, retail banking, and trade finance.

The Challenge: Manual Processes and Inefficiencies

The bank's Trade Finance division was grappling with significant operational bottlenecks, particularly in closing expired letters of credit (LCs) and bank guarantees within the required timeframe. These tasks, critical for ensuring compliance and maintaining operational integrity, were being performed manually after office hours. This manual intervention not only led to delays but also introduced a high margin for error, further complicating the already complex process.

The Chief Operating Officer (COO), responsible for overseeing the bank’s operational efficiency, was particularly concerned about the mounting pressure on staff and the increased risk of non-compliance. The delays in closing expired LCs and guarantees were causing backlogs, impacting customer satisfaction and tarnishing the bank's reputation for reliability. With pressure mounting to reduce inefficiencies and enhance overall performance, the COO was keen on finding a solution that would streamline operations and ensure smoother, error-free processes.

The COO recognized that the manual processes were unsustainable and that the bank needed a technological solution to streamline operations, reduce errors, and ensure timely compliance.

The Solution: Automating Trade Finance with TruBot

Datamatics implemented a Robotic Process Automation (RPA) solution powered by TruBot to address the bank’s operational challenges. The solution seamlessly integrated with the existing infrastructure, automating the validation of data between an Excel dump and the core banking system. TruBot was programmed to follow a series of precise, pre-configured steps to ensure accuracy and efficiency.

Once the data validation was completed, the bot proceeded to automatically close the expired Letters of Guarantee (LG) and Bank Guarantees (BG) in the core banking system across multiple touchpoints. This end-to-end automation eliminated the need for manual intervention, significantly reducing the risk of errors and accelerating the entire process. The solution not only streamlined operations but also ensured compliance with regulatory timelines, empowering the bank to manage higher volumes of trade finance transactions without compromising on quality or accuracy.