ABN AMRO has announced an extension in its trade partnership with KeyCorp. KeyCorp outsourced its trade finance services processing to ABN AMRO three years ago.
Daniel Cotti, Managing Director, Global Trade Advisory at ABN AMRO said, “Our relationship with KeyCorp has gone from strength to strength. By working in true partnership, rather than simply managing a process on their behalf, both organisations have benefited; we expect that to continue as we explore new business opportunities with KeyBank.”
ABN AMRO will now manage all aspects of trade finance processing for KeyBank’s clients via private-labelled services, with the exception of its sales and marketing function. The two banks have linked their respective information systems to create a shared processing platform, which KeyBank’s clients are able to access 24 hours a day. In addition, KeyBank will tap ABN AMRO’s expanding corporate outsourcing offering, including a full suite of open account solutions through private labelled MaxTrad Purchase Order Manager.
“By partnering with ABN AMRO, KeyBank has been able to offer clients a complete solution for handling all of their international trade transactions,” David Verhotz, SVP and National Sales Manager for KeyBank’s Global Trade Services, said. “The automated Internet-based trade finance processing system allows us to expand our business and deepen our relationships with existing clients with an enhanced trade service offering. The partnership has resulted in real cost-savings as a result of completely transparent processing costs and the elimination of product and infrastructure development expenditure.”