iGTB has agreed a contract to implement a comprehensive digital trade finance platform for leading Austrian bank, Raiffeisen Bank International (RBI) and five of its regional banks.
The new platform will enable RBI to standardise its operations across numerous legal entities and client segments and digitalise its provision of guarantees, letters of credit, collections and financings.
Ahead of changes to SWIFT’s messaging standards for trade finance in 2018 and 2019, iGTB’s solution will also allow RBI to better adapt to evolving market demands by automating services and reducing operational costs.
In light of the deal, Manish Maakan, CEO, iGTB, says: “We are delighted to be working with Raiffeisen and helping them with their trade finance services. We have always believed it possible to simplify complex and disparate processes and build our software this way. Raiffeisen were pleased with this, and the opportunity it gives them to bring even more solid benefits to their customers. This deal also represents an important milestone for us as we increase our existing presence in Europe.”
The news was covered in specialist press outlets, such as: 4 Traders, Banking Technology, Cash and Trade, Finance Digest, Financial IT, Finextra, Fintech Finance, FSTech, FTSE Global Markets, FX-MM, Global Banking and Finance Review, GTNews, IBS Intelligence, Institutional Asset Manager, Money Control, SME Finance Forum, The Paypers, Treasury Management International, Treasury Today, TRF News, and TXF.