Recent changes in world economies, evolving corporate supply chains, complex money laundering schemes and ever increasing compliance requirements brought on by sanctions and anti-money laundering regulations are greatly impacting the way financial services and corporations are conducting their global trade finance activities.
Automating many of the day to day trade services tasks enables your staff to focus on what really matters: exceptions management (rather than the excessive manual interventions needed for transaction capture and management) and customer service. abraxsys offers extensive functionality in aprovides comprehensive credit control, accounting, document generation, inquiry and reporting capability for the management of letters of credit (LC), guarantees, collections, acceptances and negotiations. Additionally, abraxsys caters for the entry of advances, discounting and rediscounting of bills, and the ability to make either full or partial payments, linked to the appropriate instruments.
abraxsys has a number of embedded features to assist the institution in controlling its costs of administering trade finance. For example, documentary settlements and actions linked to an LC or negotiation automatically down-date the original transaction. Positions and cash projections are updated, and SWIFT or local clearing messages are automatically generated to effect any settlement or status notification. Flexible, user-defined charge tables are used to automatically calculate and account for multi-currency commissions and fees.
The full document management repository contains standard templates so that documents for all types of trade finance can be pre-formed. Bespoke agreements may also be generated. The administrative savings do not mean loss of quality and all documents can incorporate house style and brand standards.
With the added protection of sanctions monitor from corfinancial integrated directly into abraxsys, sanctions matches are highlighted at the point of transaction approval – prior to the production of accounting, relevant final documentation or message creation – making your trade finance proposition comprehensive and lower risk.