German financial services firm HSH Nordbank has implemented SmartStream’s TLM Trade Finance to automate its business documentation on a single trade finance platform.
As part of an enterprise-wide IT replacement project, HSH Nordbank wanted to improve its documentary settlement system. The solution is now managing the bank’s letters of credit (LCs) and collection business for import and export customers. It is also processing HSH Nordbank’s foreign guarantee business and standby LCs, alongside specialist service documentation including ship sales transactions and conditional payments.
Nico Frommholz, head of cash management and documentary business at HSH Nordbank, said: “When examining potential solutions for automating our trade finance processes, it was critical and it was flexible enough to manage both the traditional items and documentation unique to our bank. SmartStream’s TLM Trade Finance solution met these requirements and provides us with an ideal platform for processing a wide range of documentation at greater automation, thereby improving the quality of our data.”
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