Austria’s Raiffeisen revamps trade finance tech with Intellect
Raiffeisenlandesbank Niederösterreich-Wien, Raiffeisen-Landesbank Steiermark, Raiffeisenlandesbank Oberösterreich, Raiffeisen-Landesbank Tirol and Raiffeisenlandesbank Vorarlberg Waren- und Revisionsverband regristrierte Genossenschaft mit beschränkter Haftung and Raiffeisen Bank International (RBI, a large banking group in Central and Eastern Europe), will use the iGTB solution – provided by Intellect’s global transaction banking division.
Sabine Zucker, division head trade finance and transaction banking RBI, says iGTB’s technology will “help us harmonising our processes as well as reducing risk and complexity in our operating model”.
The deal includes a client portal and a full digital back-end infrastructure, for standardising Raiffeisen’s operations across various legal entities and providing guarantees, letters of credit, collections and financings through digital channels.
Banking Technology understands that in Hungary, Raiffeisen is using China Systems’ Eximbills trade finance platform, while in Austria it has CSI’s Banktrade. For Raiffeisenlandesbank Oberösterreich in Austria, it is using Surecomp’s DOKA solution.
According to Intellect, the solution also includes specifications for Swift’s upcoming trade finance changes in 2018 and 2019. These changes will affect the MT7xx message series and will include new and modified message types, changes to existing field sizes, additional validations and new character sets.