Surecomp, the leading provider of global trade finance solutions for banks and corporates, announced in a publication today that South African bank Absa Group has now launched the latest version of its back-office trade finance solution IMEX in 10 African countries as part of ongoing digitisation efforts.
Absa group, a banking conglomerate based in Johannesburg, has been a Surecomp customer since 1998. The firm has, in the past two years, experienced an unprecedented surge in demand for its trade finance services. A key driver for deploying Surecomp initially was to better their operational efficiency while cutting down risk and also improving its ability to scale and meet up with rising customer demand.
The firm has taken a phased approach all through 2020, with a goal to integrate its subsidiaries across the continent onto a unified platform. The bank has now gone live on IMEX 8 in South Africa, Zambia, Botswana, Uganda, Kenya, Tanzania, Ghana, Mauritius, Seychelles and Mozambique.
This latest version by Surecomp offers a web-based interface with remote accessibility and open API connectivity. Users also have full integration to the Surecomp Marketplace which allows them to access other fintech partners within the trade finance ecosystem.
Commenting on the project, Surecomp SVP of Account Management Yaron Hupert said: “this project exemplifies a strength of efficiency and governess that has ultimately resulted in a very successful outcome. The Absa team was eager to learn and quickly became self-sufficient, which allowed us to move quickly and deploy ten entities in a uniquely short period of time.”
“Both teams have done a fantastic job under very difficult circumstances. I would like to thank Surecomp for its support in helping us meet our tight deadlines and for all their hard work, it’s been a great achievement and wonderful teamwork,”
Explains Michelle Knowles, Head of Trade Finance Product and Trade Working Capital Governance and Innovation at Absa Group.
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