UK-based Crown Agents Bank has chosen Surecomp’s Trade Finance-as-a-Service (TFaaS) solution for fully connected digitalisation of its trade finance operations.
Crown Agents Bank offers cross-border payments in more than 100 currencies across over 700 currency pairs. Leveraging Scurecomp’s TFaS, the bank aims to simplify its entire trade finance process, including origination, issuance, and settlement.
TFaaS for operational efficiency
Surecomp’s TFaaS is powered by the back-end solution DOKA-NG and the front-end collaborative trade finance platform RIVO. This offers real-time, API-driven counterparty communication, which enables faster turnaround times, greater operational efficiency, optimised customer experience, and scalability to ensure there are no challenges in catering to market demand.
Trade finance is a key feature of the bank’s offering as it is needed across high-growth markets in Africa and the Middle East, where international trade is closely connected with FX and payments flows. To scale operations and improve delivery for global clients, Crown Agents Bank chose Surecomp for its API-based architecture, ecosystem connectivity, and expertise in enabling trade finance developments.
The bank is committed to creating value in the regions it serves and, as its trade finance solutions continue to scale, Surecomp will support current and future customers when it comes to speed and growth. Crown Agents Bank expressed positive feelings about the alliance, as it will enable its business to optimise operations and drive inclusion with real economic impact in underserved markets.
The move comes as Crown Agents Bank obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN). This will advance its mission to develop relationships with central banks and regulators in emerging markets and strengthen its position in Nigeria. The bank is set to be able to provide more solutions to a wider range of clients, especially to non-bank financial institutions. Under the IMTO licence, Crown Agents Bank will scale its payment capabilities, including diaspora remittances and other international inflows.
