Bank ABC unveils unique digital documentary trade platform

Bank ABC has announced the launch of ABC Trade, a unique cloud-based, digital platform powered by Swiss market-leading technology provider Komgo, offering clients an enriched product suite for Documentary Trade.

The platform delivers end-to-end life-cycle functionality across all trade instruments (imports, exports and collections) from digital exchange of trade documents, instructions and free format communication with seamless integration with the bank’s downstream Trade Finance systems.

The platform benefits from enhanced audit and due diligence controls that are compliant with industry best practices. Additionally, the platform contributes towards sustainability with reduced paper waste and human efforts as well as overall enhanced end-to-end process efficiency.

The bespoke platform marks an unprecedented milestone for the bank, building on 40+ years of global Trade Finance experience. ABC Trade is currently available for its corporate clients across GCC with plans to expand across the bank’s network in a phased approach.

Bank ABC Group head of wholesale banking Amr El Nokaly said: “We at Bank ABC recognised early that adopting a ‘digital-only’ model is the only way forward for our industry. Our digital transformation programme is gaining momentum and the launch of our ABC Trade platform marks a landmark moment in this journey. Komgo’s best-in-class technology instantly elevates our clients’ banking experience and strengthens our business offering.

“Listening closely to the evolving needs of our clients, Bank ABC has co-developed a unique digital platform offering with Komgo by leveraging a market leading technology and is establishing a new financial ecosystem in the region that will facilitate sustainable growth and scalability,” he added.

Komgo chief executive Souleima Baddi said: “Bank ABC’s commitment to innovation is evident in its digital transformation programme, which aims to provide the best banking experience for customers. Our ongoing collaboration is poised to reshape the landscape of documentary trade in the Mena region and beyond, offering a more efficient, secure and sustainable solution for trade finance needs.”

With innovation at the heart of its strategy, Bank ABC is committed to delivering the best digital banking experience to its customers, investing in product innovation to meet customers’ demand to support their Trade finance ecosystems, the bank said. Under its multi-year digital transformation programme, the bank has deployed several award-winning initiatives and is actively seeking opportunities to establish desired synergies towards a common goal that drives innovation and provides value to its customers and the industry at large.

 

Source: https://www.gdnonline.com/Details/1291527

 

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