Umpqua upgrades TF technology

The US’s Umpqua Bank has joined forces with trade finance technology supplier China Systems to automate a range of trade finance processes.

The technology upgrade sees the West Coast bank offering an integrated system that automates and audits trade finance transactions.

Furthermore, the bank has launched Umpqua Online Trade Services to offer customers expanded access to trade finance tools, including 24-hour online access to letters of credit and outgoing documentary collection services.

Anthony Oriti, senior vice-president and managing director for Umpqua’s international banking division, comments: “International trade is increasingly important for small to mid-sized businesses, yet it also presents a number of obstacles in respect to securing and managing financing for these businesses.

“By partnering with China Systems, we are able to deploy the leading trade finance technology solution and ensure that Umpqua customers have access to high-quality, secure international banking services when and where they need them.”