Fintech specialist Intellect Global Transaction Banking (IGTB) has implemented its Digital Trade Finance (DTF) platform for two members of Austria's Raffeisen Banking Group, which in total comprises nearly 500 cooperative banks, most of which exclusively provide services within each Austrian state.

Raiffeisenlandesbank Niederösterreich-Wien AG and Raiffeisen-Landesbank Steiermark will now be able to provide digital letters of credit (L/Cs) as well as several other digitised trade finance offerings.

Platform functionality

Following the implementation of IGTP's platform, both banks can now offer higher straight-through-processing (STP) rates for incoming trade finance SWIFT messages and automate correspondence.

The platform also enables the banks, both of which rank in the top ten Austrian commercial banks, to provide L/Cs, documentary collections and guarantee commitments online and provide periodic charging and settlement options for customer accounts.

L/C benefits

IGTB says its DTF platform will increase operational efficiency by automating even complex functions such as third-party three-layer L/C and guarantee transactions and accounting entry processing.

Business processing operations for multiple trade finance functions like refund of charges and routing of payments transactions are also automated.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.