The Royal Bank of Scotland Group (RBS), one of the world's leading trade and supply chain finance (SCF) banks, announces the launch of MaxTrad Digisuite, an array of services designed to streamline cross-border trade for importers, exporters and other financial institutions.
Digisuite uses the latest digital and mobile technology to automate the transfer of critical transaction information under documentary credits, collections and open account for better efficiencies and financial returns.
MaxTrad, RBS' electronic trade and SCF system, enables companies to initiate and manage international trade with traditional issuance, amendment and payment capabilities as well as open account management services. It helps eliminate manual, paper-driven processes that can be fraught with errors and costly delays.
With this latest MaxTrad enhancement, importers and exporters can scan in trade documentation and send it in a digitized format to RBS instead of having to deal with paper documentation that has to be taken into or sent to a trade branch. Digisuite accelerates the flow of trade documents between different parties, including the importer, its bank and the exporter as well as the exporter and its bank (RBS). There is no need for costly and comparatively slow document courier services.
For example, importers can use their mobile phones to scan, attach and send information, such as legal language documents, to RBS, resulting in faster receipt of documents, faster validation of foreign language interpretation and faster transaction initiation.
Exporters looking for digitisation of services to streamline workflow can use MaxTrad Digisuite for electronic document preparation and presentation in real time. RBS will have the ability to inform exporters of discrepancies found in the documents they have submitted for pre-check or presentation. Exporters may then waive the discrepancies or submit revised documents. Digisuite condenses the time frame for the submission, review and delivery of clean documents, resulting in faster collection of trade receivables.
Madhav Goparaju, Global Head of Trade Product Delivery & Sourcing Solutions, Global Transaction Services, RBS said: "RBS has the global presence to extend its capabilities by offering new options for the receipt and delivery of critical information to our clients and executing associated payments in a timely manner. The delivery of DigiSuite services will be made available in a variety of ways based on the channels preferred by our clients and financial institution partners. Currently, RBS delivers document checking status and discrepancy notification via email as part of our strategic sourcing solutions. We see the expansion of emerging channels and mobile delivery such as iMaxTrad as an opportunity to provide timely and convenient access to vital transaction information as part of a "'one stop shop'" approach to meeting our clients' needs."