Awards for Excellence 2017
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UniCredit continues its hold on the top spot in emerging Europe transaction services, thanks to a strong market presence and a continued push to link up the countries in the region.
The bank has worked to facilitate trade flows between countries by improving its offering in trade finance. UniCredit developed the customizable GWS Trade Finance Module for use in Serbia. A front-end application and delivery channel for use with traditional trade finance products, it is the only bank in the country providing this sort of service. The platform enables the issuance and amendment of letters of credit, guarantees and letters of intent. It also allows for additional documentary information to be collected.
There have been large efficiency savings made through the use of the product, providing clients with the ability to create templates to expedite the creation of new orders for trade finance products. It is reducing the amount of paperwork that needs to be completed, as there is no longer a need for a signature or stamp verification. The platform has also enabled faster communication with clients through secured messaging channels.
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UniCredit has also developed its offering in Russia with the introduction of the universal ISO 20022 standard. By taking the lead in the implementation of the standard, the bank was able to create host-to-host solutions. This leading position has given UniCredit a stronger platform and has increased awareness of the bank among both local and international corporates. The step helped the bank to both retain existing clients and attract additional volumes.
Across the region, there were several other banks with impressive developments over the past year. Sberbank has been showing interesting innovations in payments and account management. The transfer of funds can be a lengthy process because of strict payment laws in Russia. To combat this the bank has created a mobile application allowing payers to include detailed information on the recipient to expedite the process.
Citi also made a good case for the transaction services award. It has taken a hands-on approach to helping local treasurers of shared service centres by setting up forums for them to discuss challenges and best practice. It also developed cross-border physical pooling structures for clients based in Russia, moving funds overnight to London to enter a multi-currency notional pool.
