National Australia Bank (NAB) has invested in a new trade and supply chain finance (SCF) processing platform and online banking offering from Misys.
The bank said that the solution will automate its trade processing across Australia, Asia and New Zealand (through its subsidiary BNZ) to improve service levels and extend new products to clients. The investment would enable NAB to provide its customers with better service and grow its Asia Pacific trade finance business.
NAB completed the pan-Asian implementation of Misys TI Plus in Hong Kong, Singapore, China, India and Japan last December using the software company’s ‘model bank’ implementation approach. The blueprint provided a reference architecture for implementation that significantly reduced time to market. The bank has already increased transaction throughput across its Asian business by approximately 15%, resulting in improved customer satisfaction, and more value-added client services.
The new back-end platform has enabled the bank to reduce documentary trade processing times for clients and deliver greater consistency of service across countries and time zones. NAB can now handle significantly increased trade transaction volumes across its Asian branches, providing the framework for realising new business opportunities and trade service delivery in the region.
TI Plus is used in unison with Misys Trade Portal, the online solution, which NAB is implementing for its Australian customers to support their international trade finance programmes.
“To ensure continued success in Asia and to support our domestic clients more effectively we needed greater collaboration, automation and operational consistency across our trade finance business,” said Mark Borton, head, product management Asia, global transaction banking at NAB.
“The implementation approach allowed us to get up and running on the platform very quickly across our Asian business and is enabling NAB to have a standard operating model across the region and for the global business.”
NAB decided to move towards consolidation of its trade finance business onto a single platform globally in 2012 and has been working across the region to make this a reality. The bank reports
increasing demand for trade and supply chain finance services to support Australian businesses expanding their trading relationships with buyers and suppliers in developed and emerging Asian economies.
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