The technologically savvy Bank of New York (BoNY) is to provide processing and technology services to Rabobank Nederland to help process its letter of credit (L/C) business.

The Dutch bank will use BoNY's image based overnight document examination service, XpressDox(SM).

Improvements

According to BoNY the processing and technology relationship will help improve Rabobank's trade product offering to its corporate clients and member bank clients in the Netherlands by facilitating the partial processing of import and export L/Cs.

In this relationship "we can shorten processing time and cut costs significantly," says Rabobank's head of payments, Ben Christiaanse.

Asian access

Rabobank will also be able to use the US bank's Asian branch network to provide local trade processing and client support.

"The processing and technology relationship will provide Rabobank with a cost effective, competitive advantage in its marketplace and enable them to process L/Cs locally in Asia," says executive vice president and head of global payment and trade services at BoNY, Eric Kamback.

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