DZ Bank Chose Surecomp For Digitizing Trade Finance
On 24 February 2021, it has been announced by Surecomp, a leading supplier of global trade finance solutions for banks and corporates that DZ Bank, as a component of its excursion towards digitized trade finance activities has selected DOKA-NG to be its cutting through digital trade finance platform.
DZ Bank is the second-largest bank in Germany with headquarters in Frankfurt that provides central bank facilities for almost 850 co-operative banks across the nation. The trade finance department provides services on behalf of both direct customers and member banks, considered as the trade finance hub to function a plethora of transactions. The team at DZ bank also handles international trade finance processing requests from the Hong Kong branch of the bank. By keeping the requirements of multiple corporate clients of varying sizes in mind as well as increasing transaction quantities, DZ bank forms an opinion to transition its activities to the next level of digitization. The task of implementing DOKA-NG is the initial step by the bank. It is an API-enabled digital
platform fully prepared to help pending administrative changes including SWIFT SR2021. Earlier, Wärtsilä also participated in a paperless trade finance platform to digitalize the process of Export Letter of Credit.
Thomas Arendt, Head of Documentary Trade at DZ Bank explained that “Initiating the adaptation of DOKA-NG is a characteristic movement in our journey of digitization.” He further explained, “The bank, in general, is shifting towards more and more digital solutions, and I am pleased that, with our set-up organization with Surecomp, trade finance has been capable of attracting improved customer service with the help of the automation of its back-end activities.”
According to Yaron Hupert, Surecomp’s SVP Account Management, “We are glad to provide our services to DZ bank and its wide portfolio of cooperative banks and are fully focused on the digital journey that bank is experiencing.” Further added, “As a reliable advisor, we have established a true technology partnership to aid securing their digital trade finance future.”