Austria’s Raiffeisen Bank has selected iGTB to implement a digital trade finance platform in an effort to better automate the bank’s operations and reduce costs.

The partnership includes provision of both a client portal, as well as a full digital back-end infrastructure, thereby standardising Raiffeisen’s operations across numerous legal entities and client segments and providing guarantees, letters of credit, collections and financings through digital channels.

The iGTB solution enables Raiffeisen to automate its operations better and adapt to continuing business and market demands. This includes the specifications for SWIFT’s upcoming trade finance changes in 2018 and 2019 further simplifying operations and reducing costs for the banks.

Sabine Zucker, division head of trade finance and transaction banking at Raiffeisen Bank, said: “This is an important programme for us, driving not only excellence and important improvements in our offering to clients, but also digitising and streamlining our internal processes and creating further efficiencies. iGTB’s technology will help us harmonising our processes as well as reducing risk and complexity in our operating model, with the concomitant benefits to our clients.”

Manish Maakan, CEO of iGTB, added: “We are delighted to be working with Raiffeisen and helping them with their trade finance services. We have always believed it possible to simplify complex and disparate processes and build our software this way. Raiffeisen were pleased with this, and the opportunity it gives them to bring even more solid benefits to their customers. This deal also represents an important milestone for us as we increase our existing presence in Europe.”

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