Toronto, Canada, 3 February 2021 – Surecomp®, the leading provider of global trade finance solutions for banks and corporates, today announced that the State Bank of India (California) (SBIC), has selected and gone live with its back-office trade finance processing automation solution DOKA-NG.
With trade finance operations spanning seven branches across California, SBIC will be using DOKA-NG to process letters of credit (LCs), standby LCs and documentary collections for enhanced customer experience, optimized back-office operational efficiencies and reduced costs. SBIC – which is a wholly-owned but fully independent entity from India’s largest bank, the State Bank of India – required to go-live with a new solution within a tight timeframe. Following a comprehensive selection process, DOKA-NG was chosen as the state-of-the-art solution to support their current and future growth.
Surecomp was selected based on its rich functionality, agile approach and proven development and deployment methodology, applicable within the required timeframe and with minimal risk. The project – which was delivered and will be supported by Surecomp’s US-based team in Hoboken, NJ – is part of the broader State Bank of India’s mission to become one of the world’s top ten digital banks, with trade finance being one of the main focal points of the transformation.
“We chose Surecomp with the confidence that our immediate needs could be met, both functionally and practically, but also for the opportunity to scale and grow with our future needs,” explains Jay Patel, SVP & Chief Operating Officer at SBIC. “We see Surecomp as a long-term technology partner and we are at the start of a transformational journey.”
“We are delighted that SBIC selected Surecomp as its next phase trade finance solution provider,” says Robin Findlay, VP Global Sales & Marketing at Surecomp. “It is testament to the team commitment and communication with the bank that we successfully met their strict timeline and look forward to ongoing collaboration.”
For more information about SBIC visit sbical.com
State Bank of India (California) is a full-service financial institution, offering an extensive portfolio of lending solutions as well as comprehensive consumer, business, and international services. The Bank was established in 1982 as a California State Chartered Bank under the Department of Financial Protection and Innovation in Los Angeles, California. State Bank of India (California) is a fully owned subsidiary of State Bank of India, one of the largest banks in the world and a Fortune 500 company, with controlling ownership by the government of India.