Union Systems Limited, Africa’s leading trade finance company, has partnered with Wema Bank Plc to automate its trade finance operations.
The bank selected Union Systems’ Kachasi trade finance software over all other international trade finance software solutions due to its ability to address both the traditional international trade finance processes and the peculiar Nigerian trade finance operations.
According to a statement made available to BusinessDay, the selection of Kachasi demonstrates Union Systems’ leadership, experience, and excellence in the provision of trade finance software solutions.
Wema Bank, the pioneer of Africa’s first fully digital bank, is no stranger to being at the forefront of introducing innovative digital solutions to its customers.
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With the collaboration, the bank will join the league of banks around the world that are using technology to change the way trade financing works.
It added that the trade finance automation project will significantly reduce trade finance processing turnaround time, improve operational efficiency, and unlock new revenue streams for the bank.
“It will also improve the bank’s ability to respond quickly to regulatory policies and updates.”
Kachasi is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations.
Union Systems brings to this partnership over 20 years of successful development and implementation of trade finance solutions across Africa.
This is a significant milestone for the company and proves its expertise in the design and development of trade finance software products, the organisation said.