The challenge
For banks operating in trade finance, the pressure to digitise is real — but so is the risk of choosing the wrong path. Swedbank, one of the Nordic region's leading financial institutions, wanted to be at the forefront of digital trade without locking itself or its clients into a closed platform ecosystem.
The existing paper-based process for guarantees and export letters of credit was slow. Transactions that should take hours were taking two to three days. With ambitious digitisation goals and demanding corporate clients ready to move, Swedbank needed a solution that was fast to integrate, easy to adopt — and genuinely open.
The solution
Swedbank's approach was deliberate: start small, move fast, prove it works.
Together with two dedicated clients, the bank launched a structured pilot across two document types — guarantees and export LCs. The criteria were clear. The solution had to be open. Counterparties couldn't be required to join a platform. And integration had to be straightforward enough that the bank's team could get it done without friction.
Enigio's trace:original met all three.
"We looked at other vendors with a platform offering and we are not interested," said Christer Norén, Corporate Product Sales - Solution Sales at Swedbank. "We wanted an open solution — our clients do not need to be on the solution."
Integration was completed smoothly, and onboarding conversations with clients were equally uncomplicated. The pilot moved quickly from setup to live transactions.
The impact
The results were immediate and measurable.
Transactions that previously took two to three days can now be completed within the hour. Swedbank has since expanded the business flow across both pilot tracks, with the efficiency gains making the case internally and with clients alike.
The three factors the team points to: time savings, easy integration, and the openness of the system.
"It has been fast, it has been easy, it has been very satisfying to be a first mover in this market."
What Swedbank achieved
- Transaction time reduced from 2–3 days to under an hour
- Successful live pilots across guarantees and export LCs
- Seamless integration into existing banking workflows
- Counterparties transact without any platform sign-up required
- A stronger position as a digital trade leader in the Nordic market