German financial services firm Helaba Group has selected SmartStream Technologies’ TLM Trade Finance solution to automate its letters of credit and guarantees business processes.

Frankfurt-based Helaba is one of Germany’s leading Landesbanks. The bank’s existing trade finance system had been in use since 1990 and could no longer scale sufficiently to handle growing volumes. It also did not 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 and commodity finance at Helaba Group, comments: “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.”

SmartStream Technologies is a financial transaction lifecycle management specialist.