Wednesday, 21 February 2024

Commerzbank selects Surecomp to future-proof trade finance business

5 min read

Surecomp announced that Commerzbank AG, one of the leading trade finance banks in Germany, has chosen to deploy its DOKA-NG™ solution for back-office trade finance processing across multiple entities.

The decision follows a lengthy evaluation, with the bank selecting Surecomp for its strong market position, extensive global customer community and commitment to driving collaborative and open API-based digital trade finance transformation.

Frankfurt-based Commerzbank AG considers trade finance a core service offering processing high transaction volumes every year. Integral to the bank’s future growth strategy, DOKA-NG™ - which will be hosted in the bank’s private cloud environment - will strengthen and standardise the back-office processing of letters of credit, guarantees and other trade finance instruments to streamline their internal operations. This will improve control and visibility and enable faster customer approvals.

Jörg Motel, global head of product management trade finance at Commerzbank said: “A new, modern technological infrastructure is the foundation to securing our leading market position in trade finance and enables us to tailor our offerings even more to our customer’s needs. It fits into the long-term strategy of Commerzbank and shows our clear commitment to facilitating global trade finance for our German corporate clients. As a reliable partner for many years with a great depth of knowledge of the German market, we have chosen Surecomp this important journey.”

Yaron Hupert, SVP of account management at Surecomp said: “We are extremely pleased that Commerzbank is relying on Surecomp as a long-term partner to build its next generation trade finance platform. Our teams are fully committed and ready to deliver the most advanced trade finance platform in the industry. Commerzbank’s decision to choose Surecomp reinforces our leading position in the market and our specialist trade finance expertise. I am confident we will bring great value to the bank and its customers for many years to come.”

Re-disseminated by The Asian Banker

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