Misys, a financial technology company that enables banks to integrate new tools, is guiding the State Bank of India to an upgraded trade finance service.
The company said Monday (April 17) that the State Bank of India has centralized its trade finance operations across 25 countries using Misys tools, specifically its Fusionbanking Trade Innovation platform. The initiative is part of the SBI’s broader efforts “to promote and facilitate global trades across most important global trade corridors,” said SBI CTO Shiv Kumar Bhasin in a statement.
According to reports, the CTO posted on LinkedIn about the project, which he described as “one of the most agile, DevOps-based, multi-tenant deployments,” resulting in a way to provide “seamless trade experience to large corporates and MNCs.”
The project took 14 months, reports said, and onboarded SBI’s trade finance operations across 25 markets into Misys’ single trade finance portal.
Earlier this year Misys launched another solution for banks, this time focusing on lending. The company announced in January that it would begin offering its peer-to-peer lending technology to financial institutions looking to compete with their alt-lending rivals and become more technologically agile.
“Banks are losing market share to P2P platform providers,” said Misys Senior Product Officer Jean-Cedric Jollant in an interview with Reuters at the time. “By embedding crowdlending into the overall credit lifecycle, a bank can maintain and expand its client base, recapture business from alternative finance marketplaces and boost lending growth.”
Meanwhile, the State Bank of India has made separate efforts to upgrade its services. In 2015 the FI collaborated with SnapDeal, PayPal and Amazon in various initiatives involving SME and consumer online payments.