BRAC Bank Implements Finastra Solutions to Enhance Trade Finance Operations

BRAC Bank, a prominent private commercial bank in Bangladesh, has successfully launched Finastra's Trade Innovation and Corporate Channels, alongside Conpend's Trade AI solutions. This implementation aims to improve trade finance operations for the bank and its corporate clients.

As trade volumes increase and customer demands evolve, BRAC Bank seeks to modernize its operations and enhance efficiency. By adopting an integrated digital platform, the bank aims to streamline workflows, leading to greater straight-through processing and improved visibility across the trade finance lifecycle.

The newly established platform offers a comprehensive foundation for trade finance activities. It enhances efficiency and customer engagement, while ensuring scalability for future growth. Key features include:

- **Extensive Digital Trade Capabilities**: The platform supports streamlined operations, faster service deployment, and compliance with evolving standards, such as ISO 20022 and Swift SR2026 requirements.

- **Connected Customer Experience**: Corporate clients now have a unified channel for initiating requests, securely collaborating, approving transactions, and tracking progress in real time, which improves operational efficiency and oversight.

- **Foundation for Future Growth**: Designed with an open architecture, the platform aligns with BRAC Bank's long-term digital transformation strategy, enabling flexibility for expanding capabilities and adopting new technologies as needed.

Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank, described the implementation as a significant step in the bank's trade finance transformation, which aims to enhance transparency and efficiency in order to better serve corporate clients. He expressed ambition for BRAC Bank to become Bangladesh's preferred trade bank by delivering superior customer value.

Andrew Bateman, Executive Vice President for Lending at Finastra, highlighted the company's commitment to supporting BRAC Bank’s modernization efforts, emphasizing that their technology streamlines operations and significantly improves customer experiences in trade finance.

This move underscores BRAC Bank and Finastra's joint effort to modernize trade finance services, offering businesses more efficient and digitally enabled trade operations.