Citizens Bank announced on Thursday it is teaming up with Finastra and Infosys to power the trade finance solution it is offering to its corporate clients. According to Citizens Bank, the solution will enable its corporate clients to digitize traditionally paper-based trade processes, which may lead to increased efficiencies and reduced costs. The bank also reported that the new trade finance offering will allow it meet increased client demand. Michael Cummins, Head of Treasury Solutions at Citizens Bank, stated:
“In addition to providing the best trade finance solution on the market, Finastra met our demand for a strategic partner that could provide other corporate banking solutions, such as syndicated lending and supply chain finance, as our needs evolve.”
Nadeem Syed, CEO of Finastra, also commented:
“Citizens Bank is not only changing the way they deliver trade finance solutions to their corporate customers in the near future, but will be well-prepared to scale their corporate banking business in the years ahead. Finastra sees increasing demand for a truly connected corporate banking experience, in which multiple corporate banking applications can be fully integrated on a single platform.”
Jasmeet Singh, Senior Vice President and Industry Head, Americas, Financial Services at Infosys, then noted:
“Bringing together our combined expertise and capabilities, Infosys will work with Finastra to deliver a cloud solution that helps Citizens Bank achieve its connected corporate banking ambitions, enabling digitization of trade processes.”
Citizens Bank added it and its corporate clients will access integrated trade finance capabilities through FinCloud, Finastra’s private cloud solution.