Emirates NBD has launched smartTRADE, a portal catering to supply chain and trade finance customers, as part of the bank’s smartBUSINESS channel. The enhancement is part of Emirates NBD’s ongoing AED1bn digital transformation strategy focused on digitising operations, products and services to further enhance the bank’s proposition for corporate and retail clients.
The portal offers Emirates NBD transaction banking clients a range of functionalities, allowing them to submit all trade requests online - such as letters of credit (LCs), guarantees, trade loan requests and more - which should result in reduced paperwork requirements and a shorter turnaround time in the process. The revamped portal makes it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch.
In addition, clients will get real-time updates on the status of their transactions through email and SMS notifications. Clients will also be able to make more informed decisions about their trade finance requirements, thanks to access to historical data, dashboards and other information on the smartTRADE portal.
"Emirates NBD’s smartTRADE will further consolidate our standing as the transaction banking partner of choice for all trade finance requirements in the UAE," said Sumit Aggarwal, executive vice president and group head - Transaction Banking Services (TBS), Emirates NBD. "The upgrades to the platform will further enhance our proposition to transaction banking clients, allowing them to conduct all trade finance transactions from the convenience of their home or office, without having to visit a branch.”
Aggarwal added: "smartTRADE is digitising paper-dependent processes and reducing a high operational footprint. It increases agility across teams and eliminates errors and redundancies inherent in manual intervention. We are helping our clients access trade finance more efficiently, and gain competitive advantage in challenging global markets. Since the soft-launch a few months back, the response from our clients has been impressive. Sectors as diverse as retail, construction and industrials to name a few are actively using our smartTRADE platform.”
The smartTRADE portal offers a range of services for corporates, including:
- Apply for various trade finance instruments.
- Store preferred/frequently used clauses for future use.
- Upload multiple documents in one go.
- Get real time SMS and email notifications on completion of transactions.
- View outstanding reports and turnover reports.
- Customise reports dashboard.
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