SBI revamps trade finance technology with Misys Fusion Banking Trade Innovation implemented by Encore Theme

Published in Banking Tech

State Bank of India (SBI) has centralised its trade finance operations across 25 countries on Misys’ Fusionbanking Trade Innovation platform.

Misys’ partner in India, Encore Theme Technologies, assisted with the implementation.

The project was driven by SBI’s strategy “to promote and facilitate global trades across most important global trade corridors”, according to Shiv Kumar Bhasin, CTO of SBI Group.

In 14 months, SBI’s operations in 25 countries were moved from the legacy technology onto Misys’ flagship trade finance system. Banking Technology understands the legacy systems included Surecomp’s DOKA. Also, an older version of Trade Innovation had been used by SBI’s subsidiary in Singapore for many years, it is understood.

Bhasin describes the project in a LinkedIn post as “one of the most agile, DevOps-based, multi-tenant deployments” with a centralised global processing centre in India.

The result is “providing seamless trade experience to large corporates and MNCs [multimillion multinationals]”, Bhasin says.

“We are SBI, a truly global top 50 bank,” he states.

Source: https://www.bankingtech.com/2017/04/state-bank-of-india-in-major-trade-finance-tech-overhaul-with-misys/

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Bank ABC’s challenge was to rollout Fusion Trade Innovation across 11 countries within aggressive timescales to ensure compliance with SWIFT Standards and to standardize processes globally. Our partnership with EncoreTheme with the use of their consultants ensured we hit not only those timelines, but also significantly increased efficiency and quality of our processing. EncoreTheme continue to show flexibility in providing quality consultants and are easy to build long term relationships with.

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