Germany’s Commerzbank taps Surecomp to revamp trade finance back office
Germany’s Commerzbank has selected Surecomp, a trade finance solutions provider based in Toronto, Canada, to automate its trade finance business’s back office processing capabilities.
As a result of the agreement, the Frankfurt-based commercial bank has adopted the vendor’s Digital Online Key Account-Network Gateway (DOKA-NG) solution.
The solution, which the vendor says addresses “the diverse needs of every trade services department”, features instruments including guarantees, commercial and standby letters of credit, receivables finance, collections, loans and advances, and payments undertakings, among others.
With this, the bank stands to benefit from Surecomp’s claims of reducing operating costs, increased volumes of transaction processing and operational efficiency, improved risk mitigation, control and visibility, and enhanced compliance capabilities.
Commerzbank, which says it considers its trade finance function as “a core service offering”, currently transacts around 30% of foreign trade in Germany, where it counts 26,000 corporate client groups and close to 11 million private and small businesses among its customer base.
Discussing the partnership, Jörg Motel, global head of product management trade finance at Commerzbank, says DOKA-NG aligns with the bank’s long-term strategy and represents “our clear commitment to facilitating global trade finance for our German corporate clients”.
The bank’s latest initiative to improve the outcomes it’s able to deliver to its corporate clients comes less than a month after it joined hands with American paytech firm Global Payments to bring mobile-based payment acceptance, card terminals, and other digital payment capabilities to SMEs in Germany.
The partnership is expected to launch the new entity, Commerz Globalpay, in the first half of this year.