Bank of Ireland has partnered with Canada-based finance software provider Surecomp to implement the latter’s DOKA-NG platform as a Software-as-a-Service (SaaS) solution.
The strategic partnership aims to enhance the bank’s back-office trade finance operations to enhance its customer experience.
Bank of Ireland has selected Surecomp’s Trade Finance-as-a-Service (TFaaS) seeking benefits such as rapid deployment, automatic updates, and minimal IT dependency.
The cloud-based platform is designed to optimise the bank’s internal trade finance processes, offering agility, scalability, and improved efficiency.
Bank of Ireland trade finance head Owen Neary said: “Customer-centricity sits firmly at the centre of our decision to pivot to a SaaS trade finance solution.
“By working with Surecomp and leveraging its innovative technology as a dedicated digital trade finance provider, we are well-positioned to lead the way in both customer experience and trade finance efficiency.
“We look forward to unlocking new levels of operational agility but ultimately to driving greater value to our customers.”
Surecomp chief revenue officer Tal Weiser said: “TFaaS represents a paradigm shift in the trade finance industry, offering numerous advantages over traditional on-premises software solutions.
“Unlike the legacy system that Bank of Ireland was previously using, DOKA-NG as a SaaS solution eliminates the need for costly infrastructure investments and time-consuming maintenance.
“It will enable the bank to adapt more quickly to changing market dynamics and regulatory requirements, offer faster turnaround times, improve accuracy, and greater visibility into transactions, thus enhancing customer satisfaction and loyalty.”
Last month, Surecomp announced the acquisition of ELCY, a UK-based digital trade finance solution provider, to drive digital trade finance transformation.
