Many new fintechs are fielding trade transaction cloud platforms that combine video technology with non-bank trade finance that is going to fill the vacuum created by the banking industry.
Banks, fintechs, and other vendors have a pivotal role to play in this situation to support communities and try to help the economy moving in the short and long term.
With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.
TFG heard from Joel Schrevens, China Systems, shedding light on trade data. Is SWIFT MT7xx or ISO20022 the right way forward? Why didn’t the BPO take off?
ISO 20022 is the messaging standard for all types of financial services messaging. Dominic Digby discusses ISO 20022 for trade finance.
ISO 20022 is the new global language for payments messaging, helping make the quality of data, richer, structured and more meaningful. The payments industry continues to change rapidly and is certainly something that is discussed by most heads of treasury and trade. There is a constant need to adopt global standards within the financial community, and ISO 20022 is one standard that’s taking the lead.
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.
Two Raiffeisenlandesbanks go live with digital trade finance solution that will transform their end-to-end operations and intercept continuing business and market demands.
Trade finance has been a very slowly moving space when it comes to embracing digital innovations. However, the coin is now flipping: new data sharing technologies and ambitious plans from major trade originators provide much hope for a new trade finance landscape to emerge in the foreseeable future. Will the new trade consortia succeed to scale, and by when?
All IBAS GTF – Global Trade Finance Factory user banks, including ABN AMRO Bank, have adhered to the SWIFT Release 2018 standards since switchover on 18 November 2018 London –… read more →
Bank Payment Obligation can act as a gateway for further trade finance technologies, says new Commerzbank whitepaper The whitepaper, “Leading the path of digital evolution” explains how increased market adoption… read more →
At Trade Finance Global we get asked numerous questions around Letters of Credit, so we’ve put together a list of the top questions asked regarding payment times and the presentation… read more →
You might have had thousands of international wire transfer transactions already, but only now have you thought about how these transactions work. How is it possible for banks to communicate… read more →
SWIFT MT799 versus MT760 MT799 is a digital message that is sent between banks; with the aim of showing funds or proof of deposits. It is important to note that… read more →
