The new system automates Bank’s trade operations.
Surecomp, a provider of trade applications for the financial services community, has announced that Arvest Bank, an Arkansas-chartered state bank, has licensed the company’s Windows-based IBSnet trade finance system to automate its trade finance operations.
Featuring modular and object-oriented architecture with a graphical user interface, IBSnet incorporates import, export and standby L/Cs, collections, payments, guarantees, steamship indemnities and air releases. IBSnet is also expected to reduce turnaround time for transaction processing.
Marta Morrow, Arvest Bank’s senior vice president of international department, said: We took the decision to automate our trade finance business with IBSnet as one way to achieve greater operational efficiencies, deliver higher levels of customer service and build a competitive edge in the marketplace. We will realize such a competitive edge through the re-engineering of our internal processes and adoption of industry best practices. This, in turn, will increase our STP rates and reduce manual intervention, while improving overall risk management.
Joel Koschitzky, chairman and CEO of Surecomp, said: We are delighted to be helping Arvest Bank manage and grow its trade finance business. Arvest is just one of more than 15 banks that have selected a Surecomp solution over the last year to help spearhead their expansion drive. The licensing reflects the near global drive to take up the challenge of automating trade finance operations.