Trade finance fintech Mitech has partnered with Tesselate, a provider of adaptable and scalable business systems, to develop a new platform aimed at accelerating the digitisation of trade finance processes for banks.

The Tegula Trade Finance-as-a-Service platform encompasses various trade finance and documentary business applications, including but not limited to import and export letters of credit L/Cs, guarantees, collections and discounts.

Automating L/C processing

The platform is powered by Mitech's Credoc 5G, a back-end system fully re-designed in its fifth generation using the latest functional, architectural and technological standards.

Credoc automates L/Cs, guarantees and documentary collections. It is a multi-time zone and multilingual system designed using the latest generation of service oriented architecture embedding workflow engine, rules engine and business activity monitoring components.

Tesselate's consultants meanwhile offer expertise in managing complex projects, helping financial institutions to meet organisational and operational changes to support business growth.

Onboarding and security

The new platform facilitates swift onboarding through seamless implementation on-premises or on a cloud platform according to the developers.

They say it features built-in flexibility to tailor the software according to the unique needs of banks and users, which provides a new level of productivity gains through increased automation capability.

The platform, which aligns with the latest generation of security standards, aims to ensure compliance and enhance operational efficiency by embracing innovation to adapt to evolving market conditions and customer needs.

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