DZ Bank partners Surecomp for collaborative trade finance platform
DZ Bank in Germany is set to digitise several aspects of its trade finance operations by adopting Surecomp’s collaborative trade finance platform.
DZ Bank picks Surecomp’s trade finance solution
The Frankfurt-headquartered commercial bank is leveraging the vendor’s RIVO solution for “real-time corporate communication, transaction status transparency and accelerated trade finance issuance”, according to a statement.
Integrated with Surecomp’s DOKA-NG solution for back-office trade finance processing, the platform is expected to enable “faster funding transactions” for buyers and suppliers served by DZ Bank.
This includes measures to enhance liquidity, strengthen supply chain resilience, and support connectivity with the vendor’s trade tech partner applications for secure digital guarantee exchange and document validity verification.
DZ BANK currently operates as the second largest banking group in Germany, and serves as a central bank to more than 700 cooperative banks in the country, with €1.17 trillion in consolidated total assets as of 31 December 2023.
Thomas Arendt, head of documentary trade at DZ BANK, cites the selection of Surecomp’s solution as “a significant milestone in our mission to deliver superior trade finance services”.
“Real-time access to this collaborative ecosystem will enable us to quickly and easily enhance our service delivery, revolutionising customer experience while strengthening operational capabilities and giving us a competitive edge,” he continues.
The partnership signifies the continued international proliferation of Toronto-based Surecomp’s trade finance solutions, especially among financial institutions in Europe.
It was previously announced in February that fellow German bank Commerzbank also tapped the vendor with the intention of automating its trade finance business’s back office processing capabilities.
