Oberbank, an Austria-based financial services group, has selected Transaction Lifecycle Management (TLM) Trade Finance from SmartStream Technologies, a provider enterprise-wide, real-time TLM solutions, to create a single platform for its cross-border and domestic business.

Oberbank selected TLM Trade Finance to further automate its guarantees, letters of credit and collections business processes. The solution will be installed at Oberbank’s headquarters in Linz, Austria and will initially process domestic guarantees, followed by its Austrian trade finance business and later on its branches in the Czech Republic, Germany, Slovakia and Hungary.

Hubert Umlauf, general manager of organisational development and process management at Oberbank, said: “The SmartStream TLM solution clearly met our requirements with its ability to automate many of the processes and our staff found it easy to use. With TLM Trade Finance as a single, centralised solution for our domestic guarantee and cross-border trade finance business we believe that our business will be more efficient. With automated workflows and improved reporting capabilities we can spend more time talking to customers and providing the best possible service.”

Christian Schiebl, executive vice president of SmartStream Technologies, said: “We’re delighted that as part of their organisational review Oberbank selected TLM Trade Finance to manage its domestic and cross-border business. This will enable them to replace paper forms and data re-entry with workflow-based processes, electronic forms and documentation. As a result, Oberbank will lower their operational costs and risk, while supporting their ultimate goal; to further enhance reporting and client service to maintain a competitive advantage.”