KeyCorp extends partnership for outsourcing trade finance processing with ABN Amro
12 October 2004 | 1865 views | 0
Source: ABN AMRO
Demonstrating the effectiveness of its partnership approach to providing outsourced and private-labelled services, ABN AMRO today announced that it has signed an agreement that extends and builds on KeyCorp’s existing trade outsourcing mandate, seeking to identify and exploit new business opportunities.
KeyCorp, one of the largest bank-based financial services companies in the US, outsourced its trade finance services processing to ABN AMRO three years ago in one of the first deals of this nature in the industry. The partnership is viewed by both organizations as having been extremely successful and with even greater potential. As a result, KeyBank’s Global Trade Services Group has now signed a contract extending the partnership to take full advantage of ABN AMRO’s trade services expertise.
Daniel Cotti, managing director, Global Trade Advisory at ABN AMRO says: "Our relationship with KeyCorp has gone from strength to strength. By working in true partnership, rather than simply managing a process on their behalf, both organisations have benefited; we expect that to continue as we explore new business opportunities with KeyBank."
ABN AMRO now manages all aspects of trade finance processing for KeyBank’s clients via private-labelled services, with the exception of its sales and marketing function. The two banks have linked their respective information systems to create a shared processing platform, resulting in more efficient processing, greatly enhanced reporting capabilities and extensive transaction information, which KeyBank’s clients are able to access 24 hours a day.
As a part of the extended partnership, ABN AMRO will develop an activity ‘dashboard’ to satisfy KeyCorp’s management information needs. Analyzing critical data from multiple perspectives, including analysis by customer, product, sub-product and transaction type will enable KeyBank to improve its customer response time, track and control transactions with precision and more effectively manage funding and cash flow. In addition, KeyBank will tap ABN AMRO’s expanding corporate outsourcing offering, including a full suite of open account solutions through private-labelled MaxTrad Purchase Order Manager.
David Verhotz, SVP, and national sales manager for KeyBank’s Global Trade Services says: "By partnering with ABN AMRO, KeyBank has been able to offer clients a complete solution for handling all of their international trade transactions. The automated internet-based trade finance processing system allows us to expand our business and deepen our relationships with existing clients with an enhanced trade service offering. The partnership has resulted in real cost-savings as a result of completely transparent processing costs and the elimination of product and infrastructure development expenditure."
ABN AMRO’s approach to trade services partnerships ensures that both parties benefit fully; partner organizations improve financial efficiency, enhance their business capabilities and extend their customer reach. ABN AMRO benefits from increased economies of scale achieved by greater transaction throughout and the opportunity to explore new business opportunities that arise from a close and successful working relationship.
With more than 175 years’ experience in intermediating and financing global commerce, ABN AMRO is a leading provider of trade services. Through Global Trade Advisory, part of the bank’s Working Capital business, ABN AMRO provides customised commodity and supply chain finance and web-based trade solutions to companies and financial institutions around the world.
ABN AMRO recently won Trade Finance magazine’s award for excellence for Best Online Trade Finance Provider for the second consecutive year.