Surecomp enables Absa Group’s pan-African trade finance digitisation across 10 countries
By Pavithra R
Surecomp, the leading provider of global trade finance and treasury solutions for banks and corporations, has announced the go-live of South African bank Absa Group with the latest version of its back-office trade finance solution IMEX in ten countries across the continent as part of their ongoing digitization initiatives.
Johannesburg-based Absa Group has been a Surecomp customer since 1998 and has seen an unprecedented rise in demand for its trade finance services in the past couple of years. One of the primary drivers for deploying Surecomp was to improve operational efficiency while mitigating risk and demonstrating agility in its ability to scale and meet rising customer demands.
Absa Group took a phased approach throughout 2020 to bring its multiple subsidiaries across Africa onto a single integrated platform. The bank has now gone live on IMEX 8 in South Africa, Botswana, Uganda, Kenya, Tanzania, Ghana, Mauritius, Seychelles, Zambia, and Mozambique.
“This project exemplifies a strength of efficiency and governess that has ultimately resulted in a very successful outcome. The Absa team was eager to learn and quickly became self-sufficient, which allowed us to move quickly and deploy ten entities in a uniquely short period of time,” said Surecomp SVP of Account Management Yaron Hupert.
The latest digital version offers a web-based interface for open API connectivity and remote accessibility with full integration to the Surecomp Marketplace for getting access to other FinTech partners within the trade finance ecosystem. Absa Group is now fully equipped to continue supporting its growth projections, ensuring all customers receive consistently superior service while setting a new standard for pan-African trade finance digital transformation.
“Both teams have done a fantastic job under very difficult circumstances. I would like to thank Surecomp for its support in helping us meet our tight deadlines and for all their hard work, it’s been a great achievement and wonderful teamwork,” said Michelle Knowles, Head of Trade Finance Product and Trade Working Capital Governance and Innovation at Absa Group.
Established in 1987, Surecomp is a global provider of trade finance solutions for banks and multinational corporations. Its integrated portfolio of trade finance, supply chain finance, and treasury solutions streamlines the transaction lifecycle to increase efficiencies and maximize profits.
Also read: Trade Finance Banking Systems Case Studies
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