German trade finance bank Commerzbank has selected digital trade finance solutions provider Surecomp to future-proof next level trade finance business.
The bank has deployed Surecomp’s DOKA-NG solution for back-office trade finance processing across various entities.
According to Surecomp, DOKA-NG will be hosted in the bank’s private cloud environment.
The solution will bolster and standardise the back-office processing of letters of credit, guarantees, and other trade finance instruments to optimise their internal operations.
It is expected to enhance control and visibility as well as facilitate faster customer approvals.
Based in Frankfurt, Commerzbank has two business segments, namely private and small-business customers and corporate clients to offer an extensive portfolio of financial services.
The bank is said to offer services for approximately 26,000 corporate client groups and nearly 11 million private and small-business customers in the country.
Commerzbank trade finance product management global head Jörg Motel said: “A new, modern technological infrastructure is the foundation to securing our leading market position in trade finance and enables us to tailor our offerings even more to our customer’s needs.
“It fits into the long-term strategy of Commerzbank and shows our clear commitment to facilitating global trade finance for our German corporate clients.”
Surecomp provides a portfolio of cloud and on-premises solutions that streamlines the trade finance lifecycle for seamless transaction processing, improved risk mitigation, compliance, decision support and growth.
Surecomp account management senior vice president Yaron Hupert said: “We are extremely pleased that Commerzbank is relying on Surecomp as a long-term partner to build its next generation trade finance platform.
“Our teams are fully committed and ready to deliver the most advanced trade finance platform in the industry. Commerzbank’s decision to choose Surecomp reinforces our leading position in the market and our specialist trade finance expertise.”
