SmartStream Technologies, the financial Transaction Lifecycle Management specialist, announced that German financial services firm Helaba Group has selected TLM Trade Finance to automate its letters of credit and guarantees business processes.
Frankfurt-based Helaba is one of Germanys Landesbanks, with total assets of 185 billion and serving approximately five million customers. The bank operates as a centralised organisation, supplying a range of products and services to savings and commercial banks across the Hesse and Thuringia regions.
Helabas existing trade finance system had been in use since 1990 and could no longer scale sufficiently to handle growing volumes and didnt offer the flexibility required to manage increasing complex business processes. As a result, it examined the market for a new trade finance platform that would ensure it remained agile to the changing requirements of the banks it served. Helaba selected TLM Trade Finance and will install the solution at its data processing centre in Offenbach.
As our clients needs evolved the technical limitations of our existing system became clear, says Jrg Hartmann, senior vice president, head of structured trade & commodity finance at Helaba Group. It was evident that the SmartStream TLM Trade Finance solution was a good fit for our organisation and provided us with the ideal platform for processing our client banks letters of credit and collections, as well as our guarantee business. It also offers the potential for expansion to meet future processing needs and technical challenges. This will ensure that Helaba continues to provide our business partners with the best quality services.
D.C.