Surecomp®, the leading provider of global trade finance and treasury solutions for banks and corporates, today announced that Banco Internacional has chosen to enhance its end-to-end trade finance process by deploying Surecomp’s cloud-based Trade Finance as-a-Service (TFaaS).  

In a move replicating a bank-wide transition to the cloud, the fifth largest bank in Ecuador has decided to undertake a trade finance process transformation to minimize friction, become API-enabled and to future-proof it ready for upcoming industry changes including the SWIFT SR2021 messaging standard transition. 

Trade Finance as-a-Service (TFaaS) is a cost-effective, scalable and holistic, digital experience supporting the full portfolio of instruments, allowing customers to apply, track, finance and collaborate throughout the entire trade finance transaction processing lifecycle. Easy to onboard and highly configurable, it minimizes reliance on internal IT infrastructures and reduces cost of ownership.

“The decision to upgrade our trade finance process integrates it firmly with our overall cloud-first strategy,” explains Luis Orbe, Vice President of Trade Finance at Banco Internacional. “This change helps reinforce our continued position as a leading trade finance provider in the country.” 

“It is fantastic to see Banco Internacional making this transition,” says Yaron Hupert, Surecomp’s Senior Vice President of Account Management. “While corporates have been cloud-friendly for a while, banks have been slower to open up; but now we are seeing more and more customers ready to move to the cloud, as regulators support the shift, and IT departments welcome the relief from expensive, labour-intensive upgrades and support reliance.”