Trade Finance process in Bank
The Trade Finance industry is process as well as document-intensive. Global trade finance processes have not been optimized sufficiently due to paper-based practices slowing down key processes such as discrepancies’ handling. Trade finance organizations also have to factor in distributed geographical operations. They need to drive unified processes across locations. Trade Finance services can be highly technical and in some cases Banks may not find it economically viable to hire trade specialists to run operations.
Other pertinent operational challenges include catering to complex documentation for Letters of Credit, Collections, and Guarantees. These processes involve in-depth credit analysis, and the criteria for evaluation may differ each time. Moreover they involve multiple transactions with respect to approvals and exception handling. Institutions in the industry also have to counter extreme competition and cater to complex government regulations.
Create Agile Processes to Maximize Profits
Design trade finance processes which are agile, accurate and help maximizing profits by bringing down transaction times and costs.
Create paramount security for a smart trade finance solution
Engendering Operational Efficiency
Create better operational efficiency reducing the need for specialized human resources across functions.Newgen’s Trade Finance software facilitate automation and centralization of all standard processes such as Export, Import, Negotiation, Quotation, and Remittances. As a result Trade Finance providers can offer improved customer services owing to timely decision making, and focus on client relationships across branches. Trade Finance offerings can be ably extended even to low volume branches. This leads to pooling of resources, and increased throughput, which finally results in reduced operational costs.
With the flexibility provided by the solution, processes can be structured according to changing market needs. With the help of checklists, efficient tracking of credit documents, and internal controls, government compliance is met. Increased visibility on transaction details leads to mitigation of risk.
The solution ensures timely and accurate payments in trade business to the benefit of both buyers and sellers. Newgen ensures that leveraging its Trade Finance solution an organizations is well positioned to increase efficiency, enhance productivity and create higher business volumes. The solution enables reduction of operational costs. Creating automated and well structured touch points the solution leads to customer delight. Process improvement and reduction in transaction cycle support more efficient management of working capital, enabling the release of substantial volumes of cash which might otherwise be trapped in the supply chain.
You might also like
The Trade Lifecycle: Behind the Scenes of the Trading Process
Hedge funds fuel international banks — Miami Today
He noted that the association's member banks are active in correspondent banking, trade finance and international wealth management/private banking services.
Clearing, Settlement and Custody (Operations Management Series (Securities Institute).)
Managing Financial Information in the Trade Lifecycle: A Concise Atlas of Financial Instruments and Processes (The Elsevier and Mondo Visione World Capital Markets)
Book (Academic Press)
Decentralization in Madagascar (Country Studies)
Book (World Bank Publications)
Growth Challenges and Government Policies in Armenia (Country Studies)
Book (World Bank Publications)
Why trade finance is attractive to banks?
low risk,profitable,self liquidating and can cross sell
ICICI bank access code in online trading account?
what is an access code