Austrian firm Investkredit Bank has gone live on SmartStream’s TLM Trade Finance, delivering a single, centralised trade finance platform for both Investkredit and the Volksbanken group. The project, which covers greater automation of guarantees, letters of credit and collections, was rolled out in a phased approach and went live on time.
Investkredit has grown from being a niche player in long-term financing into a bank for corporates and entrepreneurs, offering specialised services across central and eastern Europe. With Investkredit taking on the trade finance business of the Volksbanken group, it looked to replace manual back office processes with an automated solution that could manage the both entities trade finance volumes.
Barbara Dorner, senior vice president and head of trade services, InvestKredit Bank, said: “With the Volksbanken Group joining Investkredit we felt the need to fully integrate its trade finance business through a single, automated solution. When examining the market we received positive feedback from existing customers of the TLM solution, particularly in Austria. Using TLM Trade Finance we now have a single, automated processing solution that makes our combined business more efficient. It enables us to process higher volumes, while also improving the quality of the trade finance services we can offer.”
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