Finastra has launched a cloud-enabled solution designed to help U.S. banks digitize and automate their standby letter of credit (SBLC) flows, without having to deploy a full trade finance platform, the company said in a Monday (Oct. 19) press release.
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The new Finastra StandbyX offers regional and mid-sized banks an alternative to the manual or semi-manual processes they typically use, according to the release.
Because Finastra StandbyX can be quickly and easily implemented through the cloud and does not require a full trade finance platform, it enables banks with low to moderate transaction volumes to begin realizing value sooner, per the release.
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“By making trade finance technology more accessible, we are helping a broader range of institutions improve operational efficiency, strengthen controls and deliver a better customer experience,” Vinay Mendonca, head of trade and supply chain finance and corporate channels at Finastra, said in the release.
PYMNTS reported in February that trade finance may be in the midst of a structural digital transformation in which firms are shifting from paper-based to fully electronic trade documentation.
Digital trade documentation compresses transaction timelines, reduces discrepancies and enables financing decisions to occur earlier in the supply chain cycle, the report said.
Finastra announced in September that it partnered with digital trade finance platform provider Komgo to streamline digital trade finance workflows and improve connectivity across trade ecosystems.
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