Messaging and communication of data is incredibly important. We all send messages in various format – Whatsapp, Slack, Emails. It’s important for FIs and banks too. Banks need to communicate with other banks to confirm payments, data or information.
According to SWIFT, some 39 million financial messages were sent, on average, per day last year. Structured data and standard formats for exchanging information around bank guarantees and letters of credit are key for the digitisation of trade finance. Interbank and bank-to-corporate messaging remains a challenge, and whilst the industry welcomes moves towards structured data and SWIFT’s new messaging types, there are still challenges.
With that in mind, today I am joined by Olli Jääsaari, Standardised Trust expert and Nordea’s Trade Finance & WCM Product Manager.
Season 1, Episode 39
Host: Deepesh Patel (DP), Editor, Trade Finance Global
Olli Jääsaari, Standardised Trust expert and Nordea’s Trade Finance Product Manager