Barclays outsources trade finance processing to ABN Amro
19 February 2004 | 9191 views | 0
Barclays is to outsource operational processing of its trade services business to Dutch bank ABN Amro.
The initial activities being processed under the deal are export letters of credit for UK beneficiaries. The remaining trade services activities will be phased in over 2004, including import letters of credit, import and export documentary collections and clean reimbursements.
Ian Law, director, business transformation and trade at Barclays says the deal will enable the bank to concentrate on its core competencies of relationship and service expertise. "Working with ABN Amro will enable Barclays to focus on providing the high level of service and innovation our customers expect, whilst benefiting from ABN Amro's scale in trade services."
Sam Zavatti, SEVP, financial institutions and public sector at ABN Amro says financial institutions are redefining the way in which they provide trade services to their customers. "This agreement will provide Barclays with access to ABN Amro's global scale, expertise and investments in trade technology, whilst retaining and building upon their customer franchise," he says.
This latest agreement follows a recent deal with Allied Irish Bank, under which the Irish bank is using ABN Amro's white labelled MaxTrad portal to provide clients with branded Internet access to trade finance products and services.