Trade Finance Services

The brochure is aligned with both business strategies and customer expectations, to maximize business value

CHALLENGE

Trade finance is plagued by operational inefficiencies with 80-90% of processes being manual and paper based. It also functions in a dynamic and stringent regulatory environment. Further, due to the lack of proficiency in data reporting and analysis, banks are unable to effectively detect revenue leakage and identify new revenue-generating customer segments. There are also challenges in retaining talented personnel, maintaining quick turnaround times, and ensuring superior service delivery.

TCS SOLUTION

• Transaction Processing: Includes customer service for letter of credit (LC), collections, account opening, guarantees, supplier financing, loans and activities like Issuance, Advising, Confirmation, Document Checking, Payment, Compliance, Reports & Reconciliation

• Domain consulting: TCS provides services on benchmarking, operational efficiency, to-be process maps, transformational opportunity and digital roadmap

• Change management: Services offer support for IT platform roll-outs, business/functional requirement documents, business analysis, UAT services, project management, and enterprise support services

• Cognitive Assets: TCS’ TraDAA© Cognitive framework covers smart wrapper, cognitive OCR automated document checker, automated disambiguation rule engine, automated email clearing and advanced analytics solution. Extensive work is also underway to create Blockchain for Trade Finance

BENEFITS

Over the years, TCS have delivered significant value beyond labor arbitrage for the customers. Here are a few examples:

• Over 40% cost benefit for a European Bank in Trade Finance through consolidation, process reengineering, automation & implementing Cognitive assets

• Up to USD 3 million in potential savings in operational costs by leveraging benchmarking, standardization, and automation

• Over 25% FTE productivity savings and ~15% TAT improvement for a US Bank by functionalization, standardization, platform optimization, and automation

• Over USD 20 million worth of fraud and sanction risks averted by implementing robust controls, adequate systemic checks, training and introducing checklist to monitor exceptions

• TCS’ 50+ Change Management FTE’s leveraged for business analysis, UAT, and operational readiness for migrating trade product processor with 2,000 users in 70 countries for a large US Bank leading to benefits of data migration for 5,000 transactions without any business impact