RMB has partnered with UK-based financial technology company Finverity to expand its digital open-account trade finance offering across its African operations.
In terms of the agreement, Finverity will provide a white-labelled cloud-based platform that will support RMB's open-account and working capital finance products, including reverse factoring, receivables finance, distributor finance and purchase order finance.
The investment was intended to simplify access to working capital finance for corporate clients operating across Africa and reduce turnaround times for trade finance transactions, RMB said.
Longer payment cycles, liquidity pressures and increasingly complex supply chains were among the factors behind the investment, according to RMB.
The partnership would expand and digitise RMB's open-account trade finance offering across its African footprint, said Louis du Plessis, the bank's head of trade and working capital.
The project forms part of RMB's broader trade technology strategy. The bank said it was also deploying the Surecomp platform for its traditional trade finance business and planned to integrate the two systems over time into a single digital trade and working capital finance offering.
The rollout represents Finverity's largest implementation in Africa to date, according to the company's chief executive, Viacheslav Oganezov.
