ABN Amro upgrades trade finance technology
Written by Anthony Strzalek
ABN Amro has selected trade finance technology from Norwegian software vendor Commercial Banking Applications (CBA) to offer additional functionality to customers, increase efficiency and reduce total cost of ownership.
The Dutch bank will be implementing the CBA’s new IBAS customer front-end system for trade finance across its global operations.
The technology will link with the tech firm’s IBAS Global Trade Finance Factory, which is already being used by ABN Amro to manage its trade finance operations across Europe, Asia Pacific and North America.
The bank expects to put the new IBAS front-end into production in Q4 2017, replacing Surecomp’s allNETT solution in the Netherlands and manual processes elsewhere.
Frans Westdorp, business developer, trade finance at ABN Amro, said: “No other vendor could deliver the same degree of flexibility as CBA. It was a logical next step for us to work with them to standardise the front-end software we use across our global operations.
“All our customers will be able to access the system directly to input their requirements including requests for documentary credits, documentary collections and guarantees. We expect the IBAS front-end to deliver significant cost savings – not just in terms of processing efficiencies and better and more user-friendly functionality, but also by removing the need to update and maintain interfaces between IBAS and allNETT.”
Rolf Hauge, CEO of CBA, added: “We are thrilled to be implementing the new IBAS front-end at ABN Amro and look forward to continuing our close collaboration.”