2nd November 2022 – Finastra has today announced that NBP (National Bank of Pakistan) has implemented Finastra’s Fusion Trade Innovation solution to power its trade finance operations. InfoTech (Pvt) Ltd., a leading systems integrator and Finastra’s exclusive authorized and certified reseller in Pakistan, led the deal and implemented the solution, which will enable NBP to lower transaction costs and provide corporate customers with a superior user experience.
“In the digital age it is important to have the right systems in place to give customers the best possible experience, so digital transformation has been a key priority for us,” said Imran Farooqui, SEVP & Group Chief, Operations, NBP. “Having already built a relationship with Finastra and InfoTech, we are confident in their industry-leading offerings and the ongoing service they provide after implementation. Fusion Trade Innovation will give us the tools we need to modernize, future-proof and ultimately grow our business.”
Finastra’s end-to-end working capital solution, Fusion Trade Innovation, is the industry’s leading booking engine. It includes capabilities for frictionless trade and supply chain finance, including buyer and seller loans, letters of credit, collections, guarantees, and government support for export credit and SME loans. Fusion Trade Innovation gives banks control with a development toolkit that enables them to deliver change themselves, all within a solution that is maintained by Finastra. This future-proofing feature provides a more predictable total cost of ownership and enables banks to maintain a clear upgrade path.
“Increasing complexity, regulatory changes and cost of capital mean that efficient trade and supply chain finance management has never been more important. In this environment, banks that are constrained by legacy infrastructures, disjointed processes and fragmented transactional views will struggle to successfully grow their businesses,” said Manish Joshi, Managing Director, Middle East, Africa and Asia Pacific at Finastra. “Fusion Trade Innovation is a comprehensive, modern solution that overcomes these challenges and we look forward to helping NBP take its trade finance business to a new level.”
“InfoTech is delighted to spearhead this implementation at Pakistan’s largest public sector bank,” said Asim Haque, Vice President, Banking Services Business Unit, InfoTech. “We were able to automate NBP’s trade operations nationwide, which were previously managed manually. Integrating this with the core, treasury and SWIFT not only gives NBP 360-degree visibility of its trade transactions, but has also managed to reduce operational costs. We look forward to helping NBP to grow its business further with Finastra’s solutions.”
