SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that German financial services firm Helaba Group has selected TLM Trade Finance to automate its letters of credit and guarantees business processes.
Frankfurt-based Helaba is one of Germany's leading Landesbanks, with total assets of €185 billion and serving approximately five million customers. The bank operates as a centralised organisation, supplying a range of products and services to savings and commercial banks across the Hesse and Thuringia regions.
Helaba's existing trade finance system had been in use since 1990 and could no longer scale sufficiently to handle growing volumes and didn't offer the flexibility required to manage increasing complex business processes. As a result, it examined the market for a new trade finance platform that would ensure it remained agile to the changing requirements of the banks it served. Helaba selected TLM Trade Finance and will install the solution at its data processing centre in Offenbach.
Jörg Hartmann, Senior Vice President, Head of Structured Trade & Commodity Finance at Helaba Group, commented: "As our clients' needs evolved the technical limitations of our existing system became clear. It was evident that the SmartStream TLM Trade Finance solution was a good fit for our organisation and provided us with the ideal platform for processing our client banks' letters of credit and collections, as well as our guarantee business. It also offers the potential for expansion to meet future processing needs and technical challenges. This will ensure that Helaba continues to provide our business partners with the best quality services."
Christian Schiebl, Executive Vice President, at SmartStream Technologies, added: "Helaba is a sophisticated firm that offers a wide range of services through its bank partner network and as a result required a modern platform to meet its trade finance processing needs. TLM Trade Finance is a robust and proven solution for automating Letters of Credit, Guarantees and collections documentation, enabling firms, such as Helaba, to focus on client service needs. I'm delighted they have selected SmartStream to manage their trade finance processing and l look forward to working with them as the Helaba Group implements the solution across its business."