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AIB signs outsourcing agreement with ABN AMRO Back  
Deal will result in first online package for trade finance.
AIB’s Global Treasury Services has launched an outsourcing partnership agreement with ABN AMRO providing AIB’s importing and exporting customers access to the latest technological innovations in the area of trade finance.

By using this first time venture by an Irish bank, customers can now engage in documentary collections and guarantees or letters of credit over the net.

According to head of global treasury services at AIB Capital Markets, John Moyney this deal with ABN AMRO will cut down on paper work and cost. ‘Today’s international trade environment is demanding and delays in processing paper through the banking system can add to the cost of trade’, he says.

AIB will link its existing trade finance information systems with ABN AMRO’s to create a shared platform. This they intend will result in more efficient processing and enhanced reporting capabilities, including 24-hour customer access to transaction information.

The new services combined with AIB’s existing internet payment and cash management services, iBusiness Banking, will provide AIB’s customers with direct online access for all their international trade services.

The move will result in the redeployment of 12 staff within Global Treasury Services.

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