One of Hong Kong's leading commercial banking groups in terms of assets and customer deposits has opted for to use SmartStream Technologies to automate letter of credit (L/C) and other trade finance functions.

The 280-branch Bank of China (Hong Kong) (BOCHK) will be able to realise operational efficiencies and deliver new levels of customer service to their corporate customers as a result of the automation according to SmartStream.

Functionality

BOCHK has automated its trade finance function using SmartStream's Transaction Lifecycle Management (TLM) solution.

TLM Trade Finance provides BOCHK with the ability to automate the processing of documentary payments including L/Cs, collections, guarantees, loans, financing and discounting according to SmartStream.

Benefits

The company says the implementation has allowed BOCHK to re-engineer its internal processes, adopt industry best practice, reduce the level of manual intervention and improve risk management.

SmartStream claims to have a 37 per cent market share in the global TLM market with at least 1,100 clients, including 75 of the world's top 100 banks.

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