Two Raiffeisen Landesbanken Go Live with Intellect’s Digital Trade Finance Solution

London (UK), July 29 2019: Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the fastest growing Fintech product company with the CAGR of more than 24% over past four years, has implemented iGTB’s SWIFT certified, Digital Trade Finance platform for Raiffeisenlandesbank Niederösterreich-Wien AG and Raiffeisen-Landesbank Steiermark AG. iGTB has helped to centralise trade finance IT operations across the Raiffeisen Sector with a single instance implementation of the solution based on a single source code.

Austria, with its highly developed banking sector, provides a well-connected banking network that consists of nearly 600 banks, making it one of the densest in Europe. Regulator Oesterreichische Nationalbank has encouraged digitalisation. Now, Raiffeisen, Austria’s leading group of banks, is doubling down on digitisation by providing innovative customer-centric solutions.

Following Raiffeisen Bank International, Raiffeisenlandesbank Niederösterreich-Wien and Raiffeisen Landesbank Steiermark – both ranking in the top ten Austrian commercial banks –can now offer higher STP rates for incoming trade finance SWIFT messages, automate correspondence, provide letters of credit, documentary collections and guarantee commitments online and provide periodic charging and settlement options for customer accounts. The iGTB’s Digital Trade Finance platform will increase operational efficiency by automating even complex (yet mission-critical) functions such as third-party three-layer letter of credit and guarantee transactions and accounting entry processing through respective core applications. Business processing operations for multiple trade finance functions like refund of charges and routing of payments transactions are also automated.