Toronto, Canada – 7th February 2024 – Surecomp today announced that Commerzbank AG, the leading trade finance bank in Germany, has chosen to deploy its DOKA-NG™ solution for back-office trade finance processing across multiple entities. The decision follows a lengthy evaluation, with the bank selecting Surecomp for its strong market position, extensive global customer community and commitment to driving collaborative and open API-based digital trade finance transformation.
Frankfurt-based Commerzbank AG considers trade finance a core service offering processing high transaction volumes every year. Integral to the bank’s future growth strategy, DOKA-NG™ – which will be hosted in the bank’s private cloud environment – will strengthen and standardize the back-office processing of letters of credit, guarantees and other trade finance instruments to streamline their internal operations. This will improve control and visibility and enable faster customer approvals.
“A new, modern technological infrastructure is the foundation to securing our leading market position in trade finance and enables us to tailor our offerings even more to our customer’s needs. It fits into the long-term strategy of Commerzbank and shows our clear commitment to facilitating global trade finance for our German corporate clients,” explains Jörg Motel, Global Head of Product Management Trade Finance at Commerzbank. “As a reliable partner for many years with a great depth of knowledge of the German market, we have chosen Surecomp this important journey.”
“We are extremely pleased that Commerzbank is relying on Surecomp as a long-term partner to build its next generation trade finance platform,” states Yaron Hupert, Surecomp’s SVP of Account Management. “Our teams are fully committed and ready to deliver the most advanced trade finance platform in the industry. Commerzbank’s decision to choose Surecomp reinforces our leading position in the market and our specialist trade finance expertise; I am confident we will bring great value to the bank and its customers for many years to come.”
About Commerzbank AG
Commerzbank is the leading bank for the German Mittelstand and a strong partner for around 26,000 corporate client groups and almost 11 million private and small-business customers in Germany. The Bank’s two Business Segments – Private and Small-Business Customers and Corporate Clients – offer a comprehensive portfolio of financial services. Commerzbank transacts approximately 30 percent of Germany’s foreign trade and is present internationally in more than 40 countries in the corporate clients’ business. The Bank focuses on the German Mittelstand, large corporates, and institutional clients. As part of its international business, Commerzbank supports clients with a business relationship to Germany, Austria, or Switzerland and companies operating in selected future-oriented industries. In the Private and Small-Business Customers segment, the Bank is at the side of its customers with its brands Commerzbank and comdirect: online and mobile, in the advisory centre, and personally in its branches. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves approximately 5.7 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.
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