The Bank of New York has entered into a trade processing alliance with Dutch Rabobank Nederland to process its letter of credit business in an effort to improve Rabobanks trade product offering to its corporate clients and member bank clients in the Netherlands by facilitating the partial processing of import and export letters of credit.
Rabobank will use the bank’s image-based overnight document examination service, XpressDox, and take advantage of its Asian branch network to provide local trade processing and client support.
The relationship with The Bank of New York provides Rabobank the possibility to improve its service in the field of trade,” said Ben Christiaanse, head of payments Rabobank Nederland. “At the same time we can shorten processing time and cut costs significantly.
The processing and technology relationship will provide Rabobank with a cost effective, competitive advantage in its marketplace and enable them to process letters of credit locally in Asia,” said Eric Kamback, executive vice president and head of global payment and trade services at the BNY. “This appointment demonstrates our ongoing commitment to the letter of credit processing business, and our ability to provide European clients with a unique and exemplary service using leading technology and efficient access to our global network.”