Wema Bank exploits Kachasi Trade Finance to enhance digital automation
By Chisom Nwatu
Wema Bank has announced its recent deployment and utilisation of the Kachasi Trade Finance software, an indigenous digital software owned by Union Systems Limited, to achieve full automation of its trade finance operations.
As Africa’s first fully digital bank, Wema Bank said the development is part of its commitment to providing innovative digital solutions to its customers.
Tajudeen Bakare, divisional head of operations & general service,Wema Bank, remarked that the bank is pleased to be joining the league of banks around the world that are using technology to transform trade finance operations.
“This project will significantly reduce the 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,” Bakare said.
Wema Bank,asides being the pioneer of Africa’s first fully digital bank, ALAT,has recorded decades of experience in the business of banking, optimising innovative ideas in delivering value to its stakeholders.
The bank went live on the 15th of August 2022, after the journey began in March 2022 when it chose Union System’s Kachasi over all other international trade finance software in the market.
The successful go-live of the project was described as a major milestone for Union Systems Limited as it highlights the organisation’s competence and commitment to delivering value.
Moreso, post-go-live, Kachasi has been integrated into Wema Bank’s Alat Platform,a digital internet banking solution and Newgen, the bank’s Enterprise Content Management system.
Seun Adeleye, divisional head, Client Service, Union Systems Limited, while commenting on the project, said,“Our enterprise project delivery methodology, superior domain expertise, and the Wema Bank team’s matching determination, dedication, and support resulted in the project being completed in a record time of four months. This has been a model implementation, demonstrating what can be accomplished through effective collaboration between African financial institutions and competent indigenous technology vendors.
Union Systems Limited (USL),Africa’s leading trade finance company, is an information technology company that provides financial software solutions and professional services to major banks in Africa. The company provides software solutions to financial institutions to enhance their software capabilities, effectively scale processes, improve compliance and drive operational efficiencies. With headquarters in Lagos, Nigeria, the company has a deep understanding of the African market and has a team of highly qualified consultants that have real-world experience in the delivery of complex software solutions.
USL’s brainchild, Kachasi, is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations, and it is the result of over 20 years of experience implementing and customising various international trade finance software applications for banks across Africa.