Traydstream expands into Africa with Stanbic Bank mandate
- Trade Finance
- 10.09.2019 10:16 am
Stanbic Bank Uganda (SBU) and Traydstream Ltd have signed an agreement to implement the Traydstream platform at SBU. This platform is intended to digitize the current manual process of vetting Letters of Credit for Discrepencies. The trade document processing conducted over the past few months proved the dramatic improvement the Traydstream platform brings to SBU’s processing, turnaround and end-to-end trade capabilities.
SBU is Uganda’s largest commercial bank by assets and branch network, with majority ownership by Standard Bank Group Limited. With world trade volume outperforming the growth rate of the global economy, SBU is actively expanding their footprint in cross border trade through better ways of working and leading the way with technological solutions.
Kevin Holmes, Head of Trade & Product Management for Standard Bank Group noted, “Traydstream’s one stop shop for processing enables SBU to speed up processing time, mitigate risk with thorough trade checks as well as improve the transparency of transactions through an aggregated compliance module. We are proud to be investing in next gen technology solutions that minimize repetitive tasks for greater human contribution to achieve real scale. The platform opens up exciting and innovative new options for us to grow and service our customers.”
“SBU has been a wonderful partner with a hunger to change the industry and actively lead a shift away from manual, error-prone processes to automated and value-added work. They have a fantastic team, experienced and leading with a deep client focus. We are delighted to be working with SBU and look forward to expanding pan Africa for the group” said Uzair Bawany, Chief Revenue Officer, Traydstream.