Project Overview
A UK tier-2 bank with £8.4B trade finance portfolio, 340 corporate clients, and a legacy trade finance platfor...
Technology Stack
Compliance & Standards
The Challenge
A UK tier-2 bank with £8.4B trade finance portfolio, 340 corporate clients, and a legacy trade finance platform (IBM FileNet + bespoke Java — 18 years old) needed a modern digital trade finance platform. FCA COBS (corporate banking conduct), UK GDPR for corporate client data, Swift MT/MX message compliance, ICC (International Chamber of Commerce) Uniform Customs and Practice for Documentary Credits (UCP 600), UK Sanctions (OFSI — Office of Financial Sanctions Implementation), AML/CTF (MLRs 2017), and ISO 20022 migration were mandatory. Budget: £180,000.
Our Approach
Letter of Credit lifecycle
applicant (importer) applies for LC → bank issues LC → beneficiary (exporter) ships goods → presents documents (bill of lading, commercial invoice, packing list, certificate of origin) → document examination (compliance with UCP 600 and LC terms) → payment released.
Digital LC
structured LC application form (all UCP 600 mandatory fields), document upload portal (beneficiary submits documents digitally), automated document checking (ICC compliance rules engine — checks document consistency, date validity, amount conformity), and discrepancy management (automatic notification to applicant if discrepancies found).
SWIFT MT/MX Integration and ISO 20022
- SWIFT MT (existing): MT700 (LC issue), MT707 (LC amendment), MT750 (discrepancy advice), MT754 (payment) — all generated and sent via SWIFT Alliance platform.
- ISO 20022 migration (SWIFT CBPR+ — November 2025 deadline): MT700 → ISO 20022 FinancialInstitutionCreditTransfer (pacs.008), LC data mapped to ISO 20022 XML namespace.
SWIFT SWIFTRef
- beneficiary bank BIC validation (prevents payment to invalid correspondents).
- ClickMasters integrates SWIFT Alliance Access API (bank's existing SWIFT infrastructure) via SWIFT SDK for Java/Node bridge.
Trade finance sanctions
every LC applicant, beneficiary, shipping party, and correspondent bank screened against OFSI Consolidated List, UN Consolidated List, OFAC SDN List, and EU Consolidated List.
Screening triggers
- LC application (screen all parties), document presentation (screen bill of lading parties, vessel name, ports), and payment (screen beneficiary bank).
- Dow Jones Risk &
Compliance API
- real-time screening.
- Dual-use goods: automated HS code check (Harmonised System trade classification) — HS codes on the UK Strategic Export Control List (SIEL) flagged for trade compliance review.
UCP 600 Article 14
banks have 5 working days to examine documents.
Document compliance rules
- 1commercial invoice amount must match LC credit amount (within tolerance).
- 2Bill of lading on-board date must be within LC shipment period.
- 3Certificate of origin must specify origin country stated in LC.
- 4All documents must be in the language specified in the LC.
- 5Expiry date and place of presentation.
Automated checking
140 UCP 600 compliance rules implemented as code — documents checked against all applicable rules.
Discrepancy report
generated automatically, reviewed by trade finance specialist before sending.
The Results
FCA COBS compliance confirmed.
Platform live at 24 weeks, £164,000 — under budget.
LC processing time: 8.4 days → 3.2 days (62% reduction).
Document examination time: 4.2 hours → 1.1 hours (automated rules + specialist review).
OFSI sanctions screening: 100% automated (previously manual).
ISO 20022 migration: completed 4 weeks before SWIFT deadline.
UCP 600 discrepancy rate: 14.2% → 8.8% (automated rules reduce incorrect document submissions).
Corporate client NPS: 76 (legacy platform: 22).
SWIFT audit: zero findings.
“LC processing from 8.4 days to 3.2 days. Document examination from 4.2 hours to 1.1 hours. ISO 20022 migration completed before SWIFT deadline. OFSI screening 100% automated. Corporate client NPS from 22 to 76. SWIFT audit zero findings. The UCP 600 compliance engine was the most complex piece — 140 rules correctly implemented. ClickMasters understood trade finance mechanics at a level that genuinely surprised us." — Head of Trade Finance Technology, UK Bank (name withheld)”
Project Details
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