According to a press release released on Monday (July 3), the Dutch bank is now using the most recent version of the Norwegian software vendor’s IBAS GTF – Global Trade Finance Factory to manage its global trade finance activities.
“As a result of our close collaboration, we expect to benefit from increased efficiency and automation, lower operational risk, and a reduction in our total cost of ownership,” said Burak Aslan, lead product owner for personal and business banking, transaction banking, and trade financing at ABN AMRO Bank.
“The new developments will enable us to onboard new customers more quickly and further improve the customer experience, putting us in a good position to scale our international trade finance operations,” the company said.
According to the press release, this launch comes after ABN AMRO Bank and CBA renewed their five-year agreement to work together to streamline trade finance operations.
The most recent version of IBAS GTF, according to the statement, offers straightforward customer journeys to the bank’s clients and sends trade finance payments through the bank’s central payment hub in compliance with ISO 20022 CBPR+ regulations.