Austrian-based Oberbank has enlisted transaction lifecycle management specialist SmartStream’s TLM Trade Finance to further automate its guarantees, letters of credit and collections business processes.
TLM Trade Finance will first process domestic guarantees at Oberbank’s headquarters in Linz, Austria, before moving onto its Austrian trade finance business and later to the bank’s branches in the Czech Republic, Germany, Slovakia and Hungary.
As part of the initiative, paper forms and data re-entry will be replaced with workflow-based processes and electronic forms and documentation.
Oberbank currently manages approximately US$24mn for clients through a range of retail and wholesale products.
Hubert Umlauf, general manager of organisational development and process management at Oberbank says: “Finding a solution that could automate our paper-based processes was critical as we look to continue our success. The SmartStream TLM solution clearly met our requirements and our staff found it easy to use. We believe that our business will be more efficient, and with automated workflows and improved reporting capabilities, we can spend more time talking to customers and providing the best possible service.”
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