Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has been selected by Raiffeisen Bank International (RBI), one of the leading banks in Austria and the wider Central and Eastern European (CEE) region, to reinforce their trade finance customer engagement.

Aiming to elevate the bank's service delivery, RBI will be using Surecomp's collaborative trade finance platform, RIVO, to streamline the management and processing efficiency of guarantees and letters of credit (L/Cs).

Raiffeisen has recently faced particular scrutiny from the US treasury over its hefty Russia profits and ties to Moscow at a time when Washington is seeking to limit Russia's international trading links (DC World News, 25 March 2024).

Enhanced trade finance

Without the need for customisation, Surecomp's RIVO is deployed as a software as a service solution hosted by Amazon Web Services, which will enable Raiffeisen to enrich its business capabilities without the need for internal IT resources.

With RIVO's facilities for swift onboarding and no service interruptions, RBI expects to be able to seamlessly enhance its trade finance business operations. RBI's global corporate customers should therefore be serviced with a fully digital workflow and state-of-the-art processes.

Regional advantage

Several factors combine to make Raiffeisen Bank a key player in the CEE market, contributing to its importance in the region, a position recognised by Surecomp's chief revenue officer, Tal Weiser.

"As Austria's award-winning trade finance bank, recognised for its commitment to superior customer experience particularly in the CEE market...[w]e are confident this collaboration and the benefits of digital trade finance will promote seamless trade for the extended RBI customer-base."

Leveraging local expertise

The bank has been active in the CEE market for decades, and leverages its local expertise to navigate the unique regulatory and economic environments of each CEE country.

This expertise is crucial for providing tailored financial solutions and maintaining compliance with local regulations.

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