CEFLA achieving 50% time savings and enhanced Trade Finance efficiency
Discover how CEFLA, an Italian industrial powerhouse, transforms trade finance by enhancing efficiency, reducing risks, and optimizing banking relationships with Mitigram.
- Automated and standardized RFQ processes – 50% faster L/C processing with live tracking and unified SWIFT connectivity.
- Expanded global banking network – optimizing confirmation costs, fostering greater transparency and unlocking better proposals.
- Reduced risk and improved data management – reduced manual errors, documented workflows, and real-time compliance checks.
An international multi-business company with a long and rich history.
Founded in Imola, Italy, in 1932, CEFLA is an international multi-business company with a long and rich history. Originally established as a cooperative specializing in electrical and thermohydraulic systems, CEFLA has since evolved into a diversified industrial group operating through three main Business Units: Engineering, Finishing, and Medical Equipment.
With approximately 1,860 employees worldwide and a strong presence across Europe, the United States, the Middle East, India, and China, CEFLA has built a solid global footprint that allows it to capitalize on the increasing demands of international trade.
Overcoming Trade Finance hurdles with Mitigram’s solution
Before implementing Mitigram, CEFLA’s approach to managing Standby and Export Letters of Credit (L/C) was through a manual system, which was time-consuming and prone to errors:
- Trade operations team members individually emailed each banking partner
- Responses were tracked separately across numerous email threads
- Follow-ups on offers required constant manual attention
- Confirmation costs were calculated using Excel spreadsheets
- Limited visibility over ongoing transactions hindered swift decision-making
This labor-intensive system not only consumed valuable time but also introduced unnecessary risks through human error and inconsistent processes……..
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