The Bank of Ireland, one of the country’s leading financial institutions, has announced its decision to implement Surecomp’s advanced software platform to streamline its trade finance operations. This move aims to enhance efficiency and speed in processing trade finance transactions, as revealed by the digital trade solutions provider today.
The cloud-based platform, DOKA-NG™, automates back-office trade finance functions, significantly increasing operational efficiency, speed, and resilience. By integrating with existing bank systems, DOKA-NG™ facilitates the smooth processing of a variety of trade finance instruments, including letters of credit and receivables finance. The platform allows for higher transaction volumes to be processed faster, all while ensuring greater transparency and security than traditional software solutions.
DOKA-NG™ represents a shift towards trade finance-as-a-service (TFaaS), a model that enables businesses to outsource certain financial functions to third-party providers. This approach reduces costs and provides access to cutting-edge technologies. While originally designed to benefit startups and small- and medium-sized enterprises (SMEs), TFaaS is now gaining traction in larger institutions seeking to frequently update their software and reduce dependence on in-house IT teams.
Tal Weiser, Chief Revenue Officer at Surecomp, highlighted the advantages of the platform, stating, “DOKA-NG™ as a SaaS solution removes the need for costly infrastructure investments and time-consuming maintenance. It enables the bank to adapt swiftly to market changes and regulatory shifts, while improving accuracy and providing better transaction visibility.”
The Bank of Ireland’s decision to adopt Surecomp’s TFaaS solution underscores the growing trend of outsourcing back-office operations within financial institutions of all sizes. This move also aligns with Ireland’s leadership in the automation of trade finance processes across Europe. As the sixth-largest global exporter of financial services, Ireland has long been a major hub for EU finance.
Notably, Ireland’s trade finance sector stands out for its success in providing access to financing. With 64% of Irish SMEs utilizing trade finance solutions—more than four times the rate seen in Germany and France—Ireland has proven itself a leader in widening access to financial services.
By embracing Surecomp’s innovative platform, the Bank of Ireland is positioning itself at the forefront of a transformative shift in the finance industry, leveraging technology to enhance efficiency, transparency, and speed in trade finance.
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