Indonesia's Bank BTPN has chosen to partner with Surecomp to digitise its back-office trade finance processing and support the privately owned bank's growing letter of credit (L/C) business.

The bank, which is part of the Japanese multinational Sumitomo Mitsui Banking Corporation Group, is now live with Surecomp's DOKA solution to drive streamlined back-office trade finance processing automation.

Trade-related systems

The solution, which has replaced the bank's previous trade finance application, is hosted in Jakarta and has been fully deployed and supported by Surecomp's local teams in Asia.

The solution aims to provide seamless integration with the bank's other trade related systems for limits and position management, sanctions screening, Swift connection, collateral management and core banking.

Digital benefits

According to BTPN, it will now be able to deliver a more efficient customer service supported by expedited internal processing of its growing trade finance transactions in the form of L/Cs, documentary collections as well as trade loans.

Canadian fintech Surecomp said earlier this year that it had finalised a partnership agreement with London-based fintech Traydstream to integrate document checking powered by artificial intelligence into its collaborative RIVO trade finance platform.

Traydstream identifies, extracts and interprets thousands of data attributes from over 150 common global trade document types to automatically check every detail in an L/C, open account and collection document (DC World News, 23 January 2023).

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