Trade Finance
With the changing market dynamics that are unfolding in the Trade Finance area, banks are increasingly recognizing the need to better understand how companies are taking advantage of traditional products along with new tools and technology to manage risk, streamline business processes and reduce the costs associated with trade. Besides, supply chain financing is emerging as a fast-growing form of open account trade financing. New technology platforms enable buyer, sellers, banks, and other supply chain members to gain visibility of the flow of goods and related information.
Further Banks need to meet varied risk perception of the end-customers viz.: providing solutions towards Advance Payment, Letter of Credit, Document against Payment / Acceptance, and the recently emerged trend of 'open account' transactions. Considering the new demand in the trade finance space, banks and financial institutions look to IT solution vendors to provide a suitable solution enabling them to evaluate and assume risk besides intermediating pre and post-shipment financing products.
HCL's Service Offering
Trade Finance is one of the focused micro-vertical practices within HCL. The practice consists of a strong pool of industry specialists and consultants. HCL provides consultancy and IT services for activities encompassing entire gamut of trade life cycle such as import and export letters of credit, open account transactions, guarantees, bill financing, workflow management, besides the recently popular supply chain finance facilities. In addition HCL has been closely working with large global banks to embrace emerging technologies such as SWIFT's Trade Service Utility.
With our wealth of industry experience, HCL's broad ranges of service offerings cover the following:
- Consulting services to select an appropriate trade finance platform / product
- System Integration services to implement a third party vendor solution for trade finance
- Application design and development from scratch
- Application Maintenance and Support / Production Support for Trade Finance Applications
- Enhancements to the existing applications
- Re-engineering of existing application
- Independent verification and validation services (IV&V) for newly implemented / enhanced trade finance applications
HCL's value proposition
HCL has a dedicated trade finance practice which consists of SMEs from financial services industries and techno domain consultants. The micro-vertical has proven capabilities in the development of trade finance suite of applications and technical support for 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
- Several person years of experience in providing Trade Finance solutions to leading global banks
- Built solutions for a leading bank to embrace new trends in trade finance such as 'Trade Services Utility' from SWIFT
- Suitable value proposition to protect Bank's investment made in the 'Letter of Credit' world to meet changing 'open account' environment
- Partnership with Misys, a well known product vendor in this space
- Involved in providing upgrade solutions for Misys's Trade Finance products, such as 'Misys Trade Innovation Plus' and 'Misys Trade Portal'
- Continuous investment on Training and International Certifications for its employees in Trade Finance
- Expertise in Trade Finance Product Engineering
The micro-vertical also has expertise in application development and maintenance services of all non-secured trade credit that are extended. The experience includes providing solutions such as Supply Chain Finance, Integration of platforms in trade finance, compliance solutions, sophisticated document management and channel integration among many others.
HCL's partnerships
HCL is a global partner with Misys for its Trade Finance Solutions “Misys Trade Portal” and “Trade Innovation Plus” for the following services:
- Go to Market
- Solution Building
- System Integration Services
- Professional Services
- Product Engineering services, including development of IPs on white spaces identified in Misys Trade Finance Solutions
