Brückner transforms its trade finance business, achieving up to 40% cost saving
Discover how Brückner, a global leader in machinery manufacturing, streamlined its trade finance operations, reduced costs, and improved efficiency with Mitigram’s digital platform.
- 30-40% Cost Savings – Optimized financing and price discovery through automated RFQs.
- Data-Driven Decision Making – Leveraged AI-powered insights for better liquidity and risk management.
- Enhanced Efficiency – Reduced manual workload and improved trade finance workflows with automation.
Brückner Group is simplifying its trade finance workflows.
In a bold move to enhance efficiency, the Brückner Group is simplifying its trade finance workflows through innovative solutions.
Headquartered in Germany, the Brückner Group’s four main business units are global market and technological leaders in the engineering and construction of systems and machines for the production of plastics, alternative and bio-based materials, such as packing films, technical and specialty films, as well as tubes and solutions for the medical and appliance sectors
Using Mitigram, the entire LC price confirmation process was handled digitally, efficiently and transparently
Securing a letter of credit (LC) from a bank was an extremely time -consuming process. The Brückner Group has seven house banks, and if an LC needed to be confirmed, they had to contact all the banks via phone or email, gather the information and quotes, and determine which bank offered the best terms. The group then had to inform the chosen bank via email or phone that the LC had been assigned to them. This process took an average of 5 days to complete.
At the end of 2020, the group found a solution that would handle the entire process digitally and transparently. Using MitiSquare, Brückner Group was able to seamlessly invite all their seven banks, as well as those outside their core circle, to provide quotes of their LC confirmation prices, which Brückner Group was able to accept or reject directly on the platform. The group was also able to make cost comparisons easily, breaking down the banks’ quotes based on their terms and amount of the LC…..
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