How to make a millennia-old concept suitable for our evermore digital society
The only way to make Trade Finance standardisation and harmonisation opportunity to realise is to make the needed standards coordination and development resources openly available for the business process and systems developers.
It has finally started to happen in Trade Finance business domain when it comes to application of emerging technologies helping to create new ways of approaching the old business processes. The old way of working has created many challenges for global trade in addition to political protectionism now also generating stress to exchange goods and services internationally. The additional challenges may be listed as lack of trust and true global interoperability as well as local and regional political agendas and regulations.