Traydstream expands into Africa with Stanbic Bank mandate


Stanbic Bank Uganda (SBU) and Traydstream Ltd have signed an agreement to implement the Traydstream platform at SBU. This platform is intended to digitize the current manual process of vetting Letters of Credit for Discrepencies. The trade document processing conducted over the past few months proved the dramatic improvement the Traydstream platform brings to SBU’s processing, turnaround and end-to-end trade capabilities.
SBU is Uganda’s largest commercial bank by assets and branch network, with majority ownership by Standard Bank Group Limited. With world trade volume outperforming the growth rate of the global economy, SBU is actively expanding their footprint in cross border trade through better ways of working and leading the way with technological solutions.
Kevin Holmes, Head of Trade & Product Management for Standard Bank Group noted, “Traydstream’s one stop shop for processing enables SBU to speed up processing time, mitigate risk with thorough trade checks as well as improve the transparency of transactions through an aggregated compliance module. We are proud to be investing in next gen technology solutions that minimize repetitive tasks for greater human contribution to achieve real scale. The platform opens up exciting and innovative new options for us to grow and service our customers.”
“SBU has been a wonderful partner with a hunger to change the industry and actively lead a shift away from manual, error-prone processes to automated and value-added work. They have a fantastic team, experienced and leading with a deep client focus. We are delighted to be working with SBU and look forward to expanding pan Africa for the group” said Uzair Bawany, Chief Revenue Officer, Traydstream.
About Stanbic Bank Uganda
Stanbic Bank Uganda is a member of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets of R2.1 trillion ($148 billion) as at 31 December 2018, while its market capitalization was at R289 billion ($20 billion).
The group has direct, on-the-ground representation in 20 African countries. Standard Bank Group has 1,221 branches and 8,815 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates. Stanbic Bank Uganda provides the full spectrum of financial services. Its Corporate & Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Stanbic Bank Uganda personal & business banking unit offers banking and other financial services to individuals and small-to-medium enterprises. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth. For further information go to www.stanbicbank.co.ug

Recent Posts

Reshaping Trade Finance in Africa – Webinar of 7 July 2021

Reshaping Trade Finance in Africa – Webinar of 7 July 2021

Traydstream invited representatives of Co-Operative Bank of Kenya and ABSA Bank Kenya to discuss on-going technology developments in trade finance in Africa. Dayo Fagade, a member of the Traydstream team introduced the session and the panelists as follows: Dorcas...

Traydstream adds the power of MS Vision to its OCR Engine

Traydstream adds the power of MS Vision to its OCR Engine

In its latest platform release, Traydstream has added Microsoft Computer Vision as a component to its existing Optical Character Recognition model. MS Computer Vision is a part of Azure Cognitive Services and boosts text extraction capabilities. Traydstream has...

Automation of Document Examination under Documentary Credits

Automation of Document Examination under Documentary Credits

As digitisation continues to evolve, automated document examination will become the new normal as financial institutions learn to trust and understand how machines work and the consistent approach that this brings to the review. Let us learn about the different levels...

An update on automated document checking

An update on automated document checking

World Trade Organisation (WTO) estimates that "some 80-90% of world trade relies on trade finance". Despite this, the sector has not undergone the same technological advancements found elsewhere in finance. Currently the processes of documentary scrutiny behind trade...