- RMB will initially roll out the TFaaS solution in South Africa, before expanding it to other key markets.
- The move ensures regulatory compliance, reduces costs, and supports future growth.
What happened: Rand Merchant Bank adopts cloud trade finance solution
Rand Merchant Bank (RMB), a prominent corporate and investment bank in South Africa, has selected Surecomp’s flagship Trade Finance-as-a-Service (TFaaS) solution to optimise its trade finance operations. The Canadian vendor’s cloud-based platform will be rolled out initially in RMB’s home market of South Africa, with plans to extend the solution to the bank’s key global markets.
The adoption of TFaaS represents a strategic shift for RMB, moving towards a fully Software-as-a-Service (SaaS) model. This transition is expected to streamline operations, reduce capital expenditure, and lower the overall cost of ownership. With the solution hosted in the cloud, RMB benefits from predictable costs and scalable infrastructure to handle future transaction growth.
Moreover, the TFaaS solution ensures regulatory compliance, including adherence to Swift messaging standards. By enhancing transaction transparency and operational efficiency, it reduces operational risks for the bank’s trade finance operations.
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Why it’s important
The adoption of Surecomp’s TFaaS by RMB marks a significant step in the bank’s digital transformation journey. As RMB operates in 35 African countries and is a subsidiary of FirstRand Limited, one of Africa’s largest financial services groups, this move is set to strengthen the bank’s ability to compete in the global trade finance market. The streamlined solution will improve operational efficiency and transaction transparency, both of which are crucial for maintaining a competitive edge in an increasingly digital financial landscape.
Furthermore, by leveraging a cloud-based solution, RMB is well-positioned to scale its operations as global trade volume continues to rise. This strategic shift aligns with broader industry trends towards digitalisation in trade finance, offering better flexibility and lower costs.
