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iGTB to enable Raiffeisen banks to transform trade finance operations

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Manish Maakan, CEO of iGTB

Intellect Design Arena’s transaction banking and technology specialist – Intellect Global Transaction Banking (iGTB), has been selected by Raiffeisenlandesbank Niederösterreich-Wien AG and Raiffeisen-Landesbank Steiermark AG for the implementation of its Digital Trade Finance platform. The banks have gone live with the solution. The solution is expected to centralize trade finance IT operations across the Raiffeisen sector.

Mr. Felix Mayr, Head of Transaction Banking, Raiffeisenlandesbank Niederösterreich-Wien AG said, “Going live with iGTB’s Digital Trade Finance platform is an important step for our customers and our bank. iGTB’s technology helps us to harmonize the trade finance processes across the Raiffeisen Sector and will thus reduce complexity and overall costs. The platform is flexible enough to accommodate customer demands of all kinds and we are very excited about the implementation of the new digital customer front-end attached to iGTB’s Digital Trade Finance back-end solution.”

According to the supplier, the implementation is expected to enable the banks to offer higher STP rates for incoming trade finance SWIFT messages. The solution is also expected to improve the banks’ operational efficiency through automation of routine processes, accounting entries as well as of multiple trade finance functions.

Manish Maakan, CEO of iGTB said, “iGTB’s Digital Trade Finance platform is ready for the next generation of banking, and is bringing an efficient way for risk management and reduced operational risk for the bank. Our product seamlessly integrates with the bank’s existing systems – more than 10 interfaces are operational – maximizing the automation of processes like accounting entries in core, using the payment and posting interfaces. In total, we have implemented 65 user journeys in trade finance business for the Austrian Raiffeisen Sector. With other three regional Raiffeisenlandesbanks expected to go live by November 2019, Raiffeisen will be further enabled by a single Digital Trade Finance platform, enabling them to deliver consistent, superior customer experience across the whole country.”

Recently, Intellect Design Arena collaborated with the Bank of Mongolia, wherein, the bank implemented Intellect’s Quantum Central Banking Solution for accelerating its digital transformation initiatives under the Payment System Modernization project funded by the Asian Development Bank (ADB).

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