Surecomp, a leading provider of global trade solutions for the financial services community, announced today that Arvest Bank, an Arkansas-chartered state bank with over 200 branches in Arkansas, Kansas, Missouri and Oklahoma, has licensed Surecomp’s Windows-based IBSnet trade finance solution to automate its trade finance operations.
With some $10 billion in total banking assets, Arvest has traditionally maintained a strategy emphasizing a high level of customer convenience and service. As such, the bank has long deployed technology as a tool to enhance customer convenience, including the introduction of ATMs in 1976 and Web banking in 1998.
“We took the decision to automate our trade finance business with IBSnet as one way to achieve greater operational efficiencies, deliver higher levels of customer service, and build a competitive edge in the marketplace," said Marta Morrow, Arvest Bank's SVP International Department. "We will realize such a competitive edge through the re-engineering of our internal processes and adoption of industry best practices. This, in turn, will increase our STP rates and reduce manual intervention, while improving overall risk management," she said. "These moves are designed to allow us to become an even stronger business partner with our corporate customers, and provide them with services enabling them to aggressively grow their operations.”
“We are delighted to be helping Arvest Bank manage and grow its trade finance business," said Joel Koschitzky, Surecomp Chairman & CEO. "Arvest is just one of more than 15 banks that have selected a Surecomp solution over the last year to help spearhead their expansion drive. The licensing reflects the near global drive to take up the challenge of automating trade finance operations.”