State Bank of India in major trade finance tech overhaul with Misys
Misys’ partner in India, Encore Theme Technologies, assisted with the implementation.
The project was driven by SBI’s strategy “to promote and facilitate global trades across most important global trade corridors”, according to Shiv Kumar Bhasin, CTO of SBI Group.
In 14 months, SBI’s operations in 25 countries were moved from the legacy technology onto Misys’ flagship trade finance system. Banking Technology understands the legacy systems included Surecomp’s DOKA. Also, an older version of Trade Innovation had been used by SBI’s subsidiary in Singapore for many years, it is understood.
Bhasin describes the project in a LinkedIn post as “one of the most agile, DevOps-based, multi-tenant deployments” with a centralised global processing centre in India.
The result is “providing seamless trade experience to large corporates and MNCs [multimillion multinationals]”, Bhasin says.
“We are SBI, a truly global top 50 bank,” he states.
For its domestic trade finance operations, SBI uses China Systems’ Eximbills platform, Banking Technology understands.