BRAC Bank, a leading private commercial bank in Bangladesh, has introduced a digital trade finance platform developed in collaboration with Finastra and Conpend. This new system aims to streamline corporate transactions and enhance operational efficiency by integrating Finastra’s Trade Innovation and Corporate Channels with Conpend’s Trade AI technology.
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The launch of the platform addresses the growing trade volumes and evolving customer expectations that demand robust operational infrastructure in banks. By consolidating its processes, BRAC Bank intends to boost straight-through processing rates and provide corporate customers and employees with enhanced visibility throughout the trade finance lifecycle.
Designed to meet contemporary industry standards such as ISO 20022 and Swift SR2026, the platform will allow corporate clients to utilize a single channel for submitting requests, collaborating securely, approving transactions, and tracking their progress in real time. This approach aims to give clients greater control over their transactions, while ensuring adherence to governance standards.
The platform's open and scalable architecture will facilitate the introduction of additional capabilities, support higher transaction volumes, and enable the adoption of new technologies as needed. Finastra, a software provider for financial institutions in over 100 countries, is backed by Vista Equity Partners.
BRAC Bank, which is publicly listed on the Dhaka Stock Exchange under the ticker BRACBANK, views this launch as part of its broader digital transformation strategy. Managing Director and CEO Tareq Refat Ullah Khan emphasized that digitizing and streamlining trade operations marks a significant milestone in enhancing transparency, control, and efficiency for corporate clients. He expressed the bank's goal of becoming the most preferred trade bank in Bangladesh by delivering superior value consistently.
Finastra's EVP for lending Andrew Bateman remarked on the critical role of trade finance in supporting business and economic growth, noting that banks are increasingly seeking technology solutions that simplify operations while enhancing customer experiences. He expressed enthusiasm for supporting BRAC Bank’s transformation, highlighting the platform's ability to increase operational efficiency and improve connectivity for corporate customers.