Moroccan banking group Bank of Africa has signed a partnership contract with financial software developer Finastra to digitize business processes. Conpend’s TRADE AI application will help the bank reduce risk and speed up trade finance transactions.
According to the bank’s statement on Wednesday, April 28, the solution will reduce processing time by 30% and trade finance risk levels by 80%.
“The solution will improve our trade finance operations by accelerating the approval of trade finance documents. Access to third-party applications was a clear differentiator for trade finance solutions, “said Leila Bahoum, board member in charge of trade finance operations at OGS subsidiary of Bank of Africa.
For Conpend Founder and Director Marc Smith: “This is one of the great benefits of making our application available on Finastra’s FusionFabric.cloud. We were able to rapidly develop our solution on the platform and make it available to banks around the world to support Finastra’s vision of openness and collaboration. ”
Based in London, Finastra is a multinational company specializing in the development of financial software for capital markets, banks and other companies active in global financial markets.
In the same digitization process, Bank Of Africa also recently signed a partnership agreement with the company managing the Technopark sites, MITC with the objective of promoting financial inclusion and supporting start-ups and entrepreneurs in their development of the assembly. financing the project, acquiring the keys to good business management and securing the first contracts.
