Developing and harmonising existing standards within trade finance is key for digitalising trade.
TFG heard from Finastra and Cognizant discussing trade and supply chain trends in Asia for 2020. Accounting for half of global GDP, what are the biggest challenges that lie ahead?
Banks are often slow to adopt the latest technology, and in many cases that is warranted. As highly regulated institutions tasked with protecting valuable data, banks understandably want to avoid “running with scissors.” By starting slow with simply implementing APIs in a few areas, they can begin to modernize and ultimately provide streamlined payments solutions, like RTPs, to their largest pool of customers.
Open banking has been taking over as the latest FinTech model of global market disruption, but market implementation so far has been fraught with delays, slowdowns and difficulties. Open banking refers to a financial data aggregation system that will be implemented in banks and financial service channels.
Deutsche Bank and Serrala, have launched the first API interface for SEPA instant payments in the market.