Trade finance solutions provider to banks and corporates, Surecomp, has announced that the State Bank of India (California) (SBIC) will be using one of its solutions to process standard and standby letters of credit (L/Cs) and documentary collections.

The bank has selected and gone live with Surecomp's back-office trade finance processing automation solution, DOKA-NG.

System benefits

SBIC will roll out the solution across its seven branches in the US state with the aim of providing an enhanced customer experience for its L/C and documentary collection users while optimising back-office operational efficiencies and reducing costs.

Wholly-owned but fully independent entity from India's largest bank, the State Bank of India, SBIC wanted to go live with a new solution within a tight timeframe according to Surecomp.

Long-term partnership

The Toronto-based solutions provider says that following a comprehensive selection process, DOKA-NG was chosen for its functionality, agile approach and proven development and deployment methodology.

The bank chose Surecomp "with the confidence that our immediate needs could be met, both functionally and practically, but also for the opportunity to scale and grow with our future needs," said SBIC's chief operating officer, Jay Patel, who added that the bank sees Surecomp as a long-term technology partner.

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