Austrian-based financial services group Oberbank has selected TLM Trade Finance from SmartStream Technologies to create a single platform for its cross-border and domestic business.
Oberbank selected TLM to further automate its guarantees, letters of credit (LCs) and collections business processes. The solution will be installed at Oberbank’s headquarters in Linz, Austria and will initially process domestic guarantees, followed by its Austrian trade finance business and later on its branches in the Czech Republic, Germany, Slovakia and Hungary.
Hubert Umlauf, general manager, organisational development and process management at Oberbank, said: “Finding a solution that could automate our paper-based processes for domestic guarantees and integrating it in the whole range of our trade finance business was critical as we look to continue our success. The SmartStream TLM solution clearly met our requirements with its ability to automate many of the processes and our staff found it easy to use. With TLM Trade Finance as a single, centralised solution for our domestic guarantee and cross-border trade finance business we believe that our business will be more efficient. With automated workflows and improved reporting capabilities we can spend more time talking to customers and providing the best possible service.”
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