We are confident that the innovations and services developed by SureLab will provide bottom-line benefits to our banking and corporate customers worldwide.” – Eyal Hareuveny, Surecomp President
Surecomp is an industry leading global trade finance provider for banks and multinational corporations. They offer a range of trade and supply chain finance and treasury solutions that have enabled them to pioneer the industry for over 30 years.
In April of 2019, Surecomp launched Surelab – a new innovation lab created with the sole purpose of centralising the digitisation initiatives, ensuring Surecomp remain at the very forefront of trade finance advancements. Surelab is set to explore the following areas:
- Distributed ledger/ blockchain networks
- IoT (Internet of Things)
As part of their new innovation lab, Surecomp announced two newly established platforms; APIsure and Surestore.
It is not however, the first of it’s kind. In 2018 Tinubu Square launched an innovation lab, with hopes to become a leader in the digital renovation of the industry. This lab looked more specifically at trade credit finance and insurance industries. The necessity for integration of technologies was summarised well by Sebastien Meric, leader of Tinubu’s lab “people now want integrated services. Businesses don’t want to go to one place for one service and another for a different service”. (pyments)
APISure – the first of its kind:
Surecomp announced APIsure as part of their Surelab introduction, and was created in order to increase the speed and efficiency that large trade finance players integrate trade finance technology.
‘API’ stands for application programming interface, and essentially it allows applications to communicate with one-another. With collaboration from banks and other large organisations across Europe and Asia, APIsure is intended to strengthen the communication between trade finance participants.
This platform enables banks and other participating bodies to adopt a much quicker and more efficient method of integrating new trade finance applications. Until now, the trade finance industry has not seen any major collaborative effort aimed at streamlining the communicational challenged faced when trying to work with one another efficiently.
According to Surecomp, APIsure will enable member organisations to introduce the newest trade finance products which will integrate with third-party fintech solutions – effectively simplifying the work involved with inter-organisation collaboration, all the while increasing innovation and accessibility.
From all angles, this is a win-win. For industry leaders, they will have a clear platform in which they can introduce their applications to the rest of the ecosystem, and for businesses they have further access to funds.
By allowing banks and corporations to not only communicate in a simpler way, but have access to industry disrupting technology instantly means the business community will experience a sharp increase in the number and quality of products available.
Surestore – the Amazon of trade finance
Surestore is the world’s first app store for trade finance fintech solutions. The purpose of Surestore is to improve the way banks, organisations and developers work with one another. Furthermore, the new app store is set to contribute massively to the development of digitised trade finance solutions.
Having launched in April, the store already as 4 applications online – 4 uniquely different companies with differing trade finance solutions. All of which will greatly better the world of trade finance:
Conpend – Trafinas
Conpend is a German FinTech company that look at the digitisation of trade documents, the detection of discrepancies in said documents and automatic checking. Through these channels, Copend aid in reducing the risk taken onboard during the processing of trade finance products.
Conpend’s app – Trafinas – therefore gives trade finance suppliers all around the globe access to the latest technology (such as AI, RPA and Anti-Money Laundering), reducing the risk and thus, improving accessibility for businesses. The risks involved with supplying trade finance act as a barrier to loaning, which significantly hinders the rate of trade finance application success.
In Trade Finance Global’s article on the latest BNY data, compliance constraints were listed as the number 1 reason why the rejection rate of trade finance applications is so high. This demand for simpler, less restrictive compliance is therefore set to be re-directed through Trafinas making the supply of trade finance a safer investment for organisations.
Conpend recently announced they were working with Commerzbank, integrating the app into their systems. The German bank reported the ability to “automate 80% of its first line of defence compliance checks” involved in the trade finance process by 2020. This is a giant step forward for the provision of Trade finance, and the closure of the trade finance gap
Wave has brought blockchain networking into Surestore, with an industry leading decentralised business network which facilitates the transfer of documents. This blockchain digitises the documents before sending out on the network without any chance of forgery or mitigating risk.
This application brings a more environmentally friendly, and more secure way of trade to the forefront of the global stage. It connects banks, carriers, traders and many other parties all together for the management of the ownership of the relevant documents, and does so with the highest security.
Wave’s application is suited for the transfer of Bills and Certificates and could be key to the future of business Blockchain. For more information of Blockchains integration to businesses, specifically Trade finance see Trade Finance Global’s article here.
SemSoft – LESTR
Semsoft has answered the participants of BNY’s data’s dream and introduced a distinctive digitised solution to regulatory compliance issues. In the data, it was found that compliance constraints were the main issue behind such a large proportion of trade finance applicants facing rejection.
The main benefits of LESTR are found in their AGGREGO system, which efficiently automates all the regulatory compliance alongside keeping a full audit trail in the case that this would be required. It allows providers to automate one of their biggest barriers to financing.
WalkMe – DAP
Already, WalkMe’s digital adoption platform (DAP) is used by 1,800 companies globally, accounting for as much as 30% of Fortune 500 companies. A decorated company indeed, with over 30 industry awards which include “Recognition for disruptive E-learning technologies” and winner of Red Herring top 100.
WalkMe are industry leaders in the adoption of digitisation, and the presence of their application on Surestore is certain to ease the adoption process of Surecomp’s software. Their system guides new users through the Surecomp system processes and ensures the adoption of the new system is done so with efficiency and ease.
A warm welcome
As an industry trade finance has encountered some issues, as any industry does. However with trade impacting such a wide array of global businesses, the need for change has been well voiced.
Surecomp has been at the very front of industry innovation, and the inauguration of Surestore is set to concrete their place at the top. The first 4 applications to launch on Surestore have addressed some key issues and challenges faced by trade finance providers, and hopefully will have an impact on the Trade Gap.
The introduction of APIsure has promised to aid the integration of new technologies and systems that will, altogether improve the experience of trade finance from top to bottom. It is important to note the educational aspect that has been included by Surecomp. They have acknowledged the lack of understanding when it comes to digitisation, and these two pioneering introductions should effectively address them.