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The client is the third-largest private sector bank in India. The bank offers the entire spectrum of financial services.
Banking & Financial Services
The bank had a tremendous amount of volume within their trade finance processes, most of which were carried out manually. For every applicable transaction, depending on the scenario, there was a different set of rules and several different checklists.
The bank wanted to automate the end-to-end trade finance cycle to save the manual efforts and reduce the error risks. The bank wanted a web-based solution that could be integrated with the bank’s existing system.
Datamatics collaborated with IBM to implement a cloud-based solution to fully automate the entire Trade Finance lifecycle of the bank.
The solution seamlessly integrated with the bank’s core banking applications. The solution catered to all of the banks. Trade Finance transactions such as letters of credit, guarantees, loans, collections (import & export), shipping guarantees, and reimbursement.
Datamatics Trade Finance solution replaced the existing solution with a new web-based solution with workflow-enabled approvals involving Front Office, Middle Office, Back Office, and other dependent teams
In turnaround time (TAT)
In number of missing documents
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