To let financial institutions provide trade finance functions to their small and medium-sized business (SMB) customers, Toronto-based Surecomp has rolled out its Fastrade front office product. The company said the technology lets trade-finance providers bolster customer service with an “easy-to-deploy, intuitive and scalable multi-bank channel” to automate trade-finance procedures, according to an announcement.
“We have responded to demand from our customers to help them better address” the SMB market, Surecomp Executive Vice President of Global Delivery and Operations Gadi Komet said in the announcement. With Fastrade, she added, Surecomp is using “the knowledge and expertise” it has gained over the years with large corporations to help SMBs “process trade-finance activities directly with their banks.”
The Fastrade technology now comes with application programming interface (API) connectivity and as an out-of-the-box software-as-a-service (SaaS) product. It provides support for the most used trade services along with workflows that are constructed ahead of time to keep the duration of setup to a minimum, according to the company. The infrastructure, for its part, can be used at the customer’s location or through the cloud.
The company said that Fastrade alleviates the risk of mistakes by individuals and elevates trade finance “to a new level of digital banking.”
In separate news reported by PYMNTS, LiquidX recently said it is launching a white-label installation of a “next-generation” LiquidX 360 platform to aid banks in strengthening their trade finance work with business customers. The network noted that its LiquidX Partner Program (LPP) allows business bankers to offer multiple services such as trade credit insurance, receivables and supply chain finance that has their own branding in a single application.
Chief Revenue Officer Ali Hackett said at the time the firm offers options via “multiple flavors” of its LPP offering. The company’s modular product is geared toward customers that already have trade finance operations.