Challenges you may be facing
Changing market dynamics in the trade finance area is forcing banks to understand how companies are taking advantage of traditional products along with new tools and technologies, in order to manage risk and compliance and streamline their business processes while reducing the costs associated with trade. Supply chain financing is also emerging as a fast-growing form of open account trade financing. New financial trade software and technology platforms enable buyers, sellers, banks, and other supply chain members to gain visibility of the flow of goods and related information.
Banks also need to meet end-customer risk perceptions such as providing solutions towards advance payments, letters of credit, documents against payment/acceptance, and the recently emerging trend of 'open account' transactions. Considering these new demands in the trade finance space, the banking and financial services industry is looking for financial software products and banking IT solutions that go beyond pre and post-shipment financing, and which enable them to achieve better risk and compliance practices through business process optimization.
What HCL can do for you
HCL provides comprehensive trade finance solutions across the entire trade finance value chain for financial institutions across the globe. HCL has also delivered solutions around the trade finance products, including those that improve customer on-boarding capabilities of off-the-shelf financial software products. HCL has provided consulting services on many reengineering initiatives in the trade finance area and provided strong horizontal business process reengineering support. Our 360 degree partnerships with leading independent financial trading software vendors helps us easily augment the skill base as required.
HCL's broad range of services in the trade finance area include:
- Consulting services to select an appropriate trade finance platform/product
- Systems integration services to implement a third party vendor solution for trade finance
- Application design and development
- Application maintenance and support / Production support for trade finance applications
- Enhancements to existing applications
- Re-engineering of existing application
- Independent verification and validation services (IV&V) for newly implemented / enhanced trade finance applications
Why should you consider HCL?
HCL has a dedicated trade finance practice which consists of SMEs from financial services industries and techno domain consultants. This group has proven capabilities in the development of financial trading application suites and technical support for the maintenance of all trade finance related applications, including bills discounting, export credit refinancing, and working capital financing.
- One-stop solution for innovative and better integrated trade finance solutions
- Over 1300 person-years’ experience with more than a decade’s experience
- More than 200 projects delivered, including 5 highly successful large scale programs across geographies
- Built solutions for a leading bank to embrace new trends in trade finance such as 'Trade Services Utility' from SWIFT
- 360 degree partnership with Misys, a well-known product vendor in this space
- Upgrade solutions for Misys's Trade Finance products, such as 'Misys Trade Innovation Plus' and 'Misys Trade Portal'
- Expertise in Trade Finance Product Engineering
- Strong team of experts supporting Cash Management solutions for top tier banks - handling over 70% of customer interactions for a large European MNC bank
- Training and Certifications in Trade Finance (including Certified Documentary Credit Specialist - CDCS examination conducted by the European body)
- A strong digital orientation and expertise enabled by HCL’s flagship “Digital System Integration” solution offering
- Frameworks and accelerators to hasten customer delivery