Banks and fintechs have not always been the closest playmates, but ITFA’s Andre Casterman is on a mission to help them work together.
Letters of credit are the oldest and most common type of short term trade finance, famously described as the “lifeblood of international commerce,” with some commentators suggesting their use stretches back to 3000 BC. What makes them so successful?
Closing a deal between an unknown buyer and seller is difficult. Add to this the cross-border element and the many different agents on the way, and trade suddenly gets complicated.