Chinese firm Weihai City Commercial Bank has implemented SmartStream Technologies' Transaction Lifecycle Management (TLM) Trade Finance solution to manage its international letters of credit and guarantees business processes.
As part of its growth strategy, Weihai City Commercial Bank has expanded its client services to include international settlement business. As a result, it required a new trade finance system to manage these processes and after examining the market for potential solutions, approached SmartStream’s local partner Brilliance Technology.
According to SmartStream, the project was rapidly completed and within three months TLM Trade Finance was processing international letters of credit and guarantees documentation.
Weihai City Commercial Bank head of international operations Qin Haodong said this project has enabled the bank to build a significant new line of business from scratch in a short period of time.
"With TLM Trade Finance we have a robust foundation to continue expansion of our international trade finance business while implementing best practice processes that reduce errors, lower risk and ensure efficient use of our internal resources. The SmartStream solution has helped us enhance our competitive advantage with a very high quality, efficient, highly scalable platform," Haodong said.