Bank of Ireland taps Canada’s Surecomp for Trade Finance-as-a-Service solution
Bank of Ireland has selected Surecomp’s Digital Online Key Account-Network Gateway (DOKA-NG) solution to digitise operations across its trade finance back office.
Bank of Ireland partners Surecomp for DOKA-NG TFaaS
Released in 2017, DOKA-NG includes straight-through message processing, workflow management, and automated compliance and reporting features, alongside multi-entity capabilities.
The Trade Finance-as-a-Service (TFaaS) solution will be deployed via the cloud to “streamline back-office trade finance operational efficiency”, according to a statement by the Toronto-headquartered vendor.
The service, which sits alongside Surecomp’s IMEX offering, is currently used by the likes of Bank BTPN in Indonesia, and Commerzbank and DZ Bank in Germany.
These features will enable Bank of Ireland to “adapt more quickly to changing market dynamics and regulatory requirements, offer faster turnaround times, improve accuracy, and greater visibility into transactions”, according to Surecomp chief revenue officer Tal Weiser.
The bank, which manages around €156 billion in assets, previously emphasised a keen interest in API talent back in July, when it announced its intent to hire 100 technology specialists to enhance its cybersecurity, delivery management, data, engineering and resilience functions.
At the time, group COO Ciarán Coyle said the bank was “currently progressing a range of innovative digital projects across the group”, aimed at generating “improvements for customers and colleagues across the organisation”.
Owen Neary currently leads the bank’s trade finance division, and has worked for the bank for over 20 years.
