Bank-FinTech Collaborations Digitize Trade Finance, Enhance Online Banking

Standard Bank South Africa

Bank-FinTech collaborations continue to go strong as financial institutions (FIs) focus on digitizing documents and processes, while providing enhanced digital banking experiences to their small business customers.

This week’s look at the most recent efforts in partnerships and open banking highlights a focus on trade finance as well as a push to serve companies seeking a more complex online banking offering amid the pandemic. 

Standard Bank South Africa Begins Operating On Traydstream Platform

Standard Bank South Africa has started operating on the Traydstream platform, according to an announcement. Traydstream works to digitize documents like foreign bills of collections and letters of credit. The offering automates processes such as clause-matching and document-checking via optical character recognition (OCR) and machine learning (ML) technology. Standard’s migration to Traydstream, which was finished on Nov. 5, will bring about efficiencies in the bank’s trade flow while continuing to distinguish it from others in the trade environment.

Sberbank (Switzerland) AG Starts Using Avaloq’s SaaS Platform

Sberbank (Switzerland) AG has begun operating with Avaloq‘s Software-as-a-Service (SaaS) offering, which was provided with the contract following a very competitive bid process, according to an announcement. The implementation comes after a transition effort that lasted for 10 months. Zurich-based Sberbank (Switzerland) AG is part of Sberbank Group, the biggest banking organization in Russia, Eastern and Central Europe. Sberbank (Switzerland) AG is the center of the group’s commodity trade finance for global commodity traders and providers.

Notches $12.4 Million In Seed Funding To Link Community Banks With FinTechs

Synctera left stealth and emerged with news that it landed $12.4 million in seed funding, according to published reports. The company helps link community banks with burgeoning FinTechs. It is the creation of CEO Peter Hazlehurst, who previously led Uber Money, and Co-Founders Dominik Weisserth and Kris Hansen. Lightspeed headed up the round with the help of Diagram Ventures and many famous angel investors.

Satago Tests Invoice Financing Program With Lloyds

TruFin PLC unveiled a commercial experimental effort between its Satago Financial Solutions Ltd software subsidiary and Lloyds Banking Group PLC, Morningstar reported. Lloyds said it would provide clients with financing via the software company’s invoice financing infrastructure. The trial could last for as long as six months and could potentially bring about a five-year commercial deal.

Radius Bank Works With Narmi On Enhancements To Online Small Business Banking

Radius Bank unveiled the recent rollout of its bolstered digital business banking infrastructure and mobile program for small companies, according to an announcement. The bank’s ongoing partnership with FinTech Narmi, which also fuels its consumer digital banking and companion mobile app, brought about the revamped user experience. Narmi and Radius Bank fast-tracked the platform to help with the rise in new business customers looking for a complex online banking offering due to COVID-19.

HSBC Achieves Status As First Production Member Of Contour’s Network

International trade finance network Contour said that HSBC has achieved the status of first full production member of the network after Contour’s October 2020 commercial rollout, according to an announcement. HSBC has been able to decrease processing times for Letter of Credit (LC) presentations to as quick as 24 hours, down from seven to 10 days. Contour will be available to help businesses and financial institutions spanning a broad array of verticals and regions moving into next year.

EMTECH Rolls Out Modern Central Bank Sandbox

EMTECH, which seeks to provide central banks with an infrastructure for digital cash, is launching its new Modern Central Bank Sandbox. The solution will aid in simplifying regulatory reviews and piloting central bank digital currencies (CBDCs). It will also assist central banks that wish to team with innovators on new technology. EMTECH is currently working with the Central Bank of the Bahamas on a Digital Sand Dollar currency.