Interoperability Between Digital Trade Finance Solutions On The Rise Trade is the engine of the global economy, but trade financing is complex and traditionally reliant on paper. One pain point for many financial institutions has been the lack of a network to support collaborative workflows within the trade ecosystem, and a lack of interoperability between solutions. Surecomp today (March 16) announced that it is partnering with Contour, one of the global digital trade finance networks, as part of a collaborative vision to drive the digital transformation of trade finance across financial institutions. Surecomp has over 35 years of expertise in digitising trade finance processes and its integration with Contour’s decentralised network of banks and corporates will provide users with a fully integrated end-to-end trade service solution. Through the collaboration with Surecomp’s trade finance platform RIVO, Contour’s member banks will be able to access digital Letter of Credit workflows directly on Surecomp’s back-office applications, providing straight-through automated processing, reducing costs, improving operational efficiency and optimising profitability. Read more: https://ngulminthanglhanghal.mystrikingly.com/blog/interoperability-between-digital-trade-finance-solutions-on-the-rise #digitaltradefinance #Surecomp #Contour #tradefinance #LetterofCredit #NgulminthangLhanghal

DiMuto and Aleta Planet Streamline B2B Payments and Trade Finance DiMuto and Aleta Planet have partnered to support digital B2B payments and trade finance. The collaboration brings together DiMuto’s global trade solutions platform and Aleta Planet’s B2B cross-border payment solutions to make payments in and out of China more efficient and transparent, the companies said in a Tuesday (Jan. 17) press release. “Our customers now enjoy greater flexibility and visibility with the addition of this payment gateway option to our Payment Management module,” DiMuto founder and CEO Gary Loh said in the release. “Strengthening our ability to track trade payments will greatly open up opportunities for financing of trades on our platform.” PYMNTS research has found that only 23% of small businesses are happy with their cross-border payment solutions. As a result, companies around the world are turning to multicurrency tools, targeted strategies and future-fit accounts payable (AP) and accounts receivable (AR) solutions to help accelerate and streamline their international growth, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration. Solutions like those offered by DiMuto address the “black hole” that plagues cross-border payments, Loh told PYMNTS in an interview posted in August 2022. Read more: https://prnewsdistribution.co.uk/dimuto-and-aleta-planet-streamline-b2b-payments-and-trade-finance #B2bPayments #TradeFinance #Dimuto #AletaPlanet #DigitalPayments #NgulminthangLhanghal

With the debt of €5.2m Marco Polo Network Operations declared as insolvent! Marco Polo Network Operations is the Irish company and appointed administrators as per the declaration of court ruling that declared the company to be insolvent on 22nd Feb 2023. Marco Polo Network proposed to close the strategic deal of $12 million with Bank of America. The court heard that Marco Polo Network possesses a debt of €5.2 million and their current liabilities are more than €2.5 million. It is also claimed by Marco Polo Network that the significant investment for making a product to replace the internal account automation of Bank of America. It is a crucial step for investment in Bank of America, as heard by a court ruling. After the collapse of we.trade after 9 months, along with Serai, HSBC is also backing the trade platform which is blockchain-based, serious questions are also raised around commercial viability. Read more: https://www.emeriobanque.com/news/marco-polo-declared-insolvent-52m-debts #BankofAmerica #MarcoPolo #HSBC #investment #tradeplatform #internationaltradefinance #blockchaintechnology

Get Trade Finance Services As A Short Term Working Capital A type of financing known as trade finance is created especially to support transactions involving international trade. It gives companies that import and export products and services access to short-term working capital, assisting them in managing the risks involved in international trade. Short-term working cash can be obtained through a variety of trade finance services, including: 1. Letters of Credit: A letter of credit is a document that, under certain circumstances, a bank issues to a seller of products or services to guarantee payment. This can lessen the seller's risk of not getting paid and give them the working capital they require to complete the transaction. 2. Documentary Collections: A documentary collection is a payment strategy in which the buyer and seller trade documents and money through the help of banks. Given that the seller can get paid after presenting the required paperwork, this can be a helpful way to get short-term operating capital. 3. Invoice Financing: Getting short-term working cash through invoice financing entails using invoices as collateral. Businesses that have unpaid invoices that are approaching their due date but require cash sooner to meet their own financial responsibilities may find this to be a useful option. 4. Supply Chain Finance: Financing the complete supply chain, from raw materials to finished goods, is known as supply chain finance. Given that it offers financing throughout the entire production cycle, this can be a helpful way to acquire short-term working capital. In general, trade finance services can be a helpful way for companies involved in international trade to get short-term operating capital. Trade finance enables companies to manage their cash flow and lower the risks involved in cross-border transactions by giving them access to financing that is particularly suited for such transactions. Visit us: https://www.emeriobanque.com/trade-finance-services #TradeFinanceServices #FinanceServices #SupplyChainFinance #LettersofCredit #DocumentaryCollections

Wema Bank taps Kachasi Trade Finance to improve efficiency via automation Wema Bank has gone live on Kachasi Trade Finance Software to enable the achievement of full automation of trade finance operations. Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. The market share is expected to increase by $12.20 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.38 percent. Kachasi, owned by Union Systems, is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations, and it is the result of over 20 years of experience implementing and customising various international trade finance software applications for banks across Africa. Wema Bank’s journey with the software began in March 2022. As a first of its kind, Kachasi Trade Finance Software comes with intuitive design and functionalities. “We are pleased to be joining the league of banks around the world that re using technology to transform trde finance operations,” Tajudeen Bakare, divisional Head of Operations and General Service, Wema Bank. “This project will significantly reduce turnaround time improve operational efficiency, and unlock new revenue streas for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates.” Read more: https://ngulminthanglhanghal.wordpress.com/2023/01/18/wema-bank-taps-kachasi-trade-finance-to-improve-efficiency-via-automation/ #finance #Africanfinancialinstitutions #Ngulminthang #tradefinance #WemaBank

African Development Bank Partners with Bank One on Trade Finance The African Development Bank Group is supporting the trade finance efforts of Bank One Limited. The Group will provide a $40 million trade finance package that is meant to help Bank One of Mauritius increase its capacity to provide trade finance to small to medium-sized businesses (SMBs), local corporates and other key sectors in Mauritius and across Africa, the African Development Bank said in a Thursday (Dec. 22) press release. The package includes a $25 million risk participation agreement and a $15 million transaction guarantee, the release said. “Given the cross-sectoral nature of trade, the proposed facility, while leveraging Bank One’s footprint, is expected to enhance the African Development Bank’s efforts to integrate Africa and improve the quality of life for the African people,” African Development Bank Head of Trade Finance Lamin Drammeh said in the release. Africa has an annual “trade finance gap” of $81 billion because SMBs and other domestic firms have greater difficulty accessing trade finance than do multinationals and large local corporates, according to the press release. The African Development Bank aims to reduce that gap by deploying the new transaction guarantee and risk participation agreement with Bank One, which is a leading Mauritian and regional banking for with reach that extends across the continent and globally, the release said. Read more: https://prnewsdistribution.co.uk/african-development-bank-partners-with-bank-one-on-trade-finance #AfricanDevelopmentBank #B2bPayments #CrossborderPayments #DigitalPayments #Smes #TradeFinance #NgulminthangLhanghal

Global Survey On Digital And Sustainable Trade 2023 By UN As per the latest news, the fifth UN Global Survey on Digital and Sustainable Trade Facilitation 2023 has been introduced by the five United Nations Regional Commissions and the United Nations Conference on Trade and Development (UNCTAD). This 2023 edition comprises 60 measures, including two new sets of measures on “Trade Facilitation for e-commerce” and “Wildlife Trade Facilitation”, on international e-commerce and the use of electronic CITES grants and certificates. It keeps on including measures associated with the arrangements of the World Trade Organization’s Trade Facilitation Agreement covering the agricultural area, small and medium enterprises (SMEs), women traders, and trade finance, as well as crisis measures during times of emergencies. The preliminary consequences of the 2023 Survey will be released in July, followed by the final consequences as a Global Report and five Local reports. The above-mentioned survey aims to deliver an overview of the development of the execution of measures on digital and sustainable trade facilitation and intuitive data to help nations in growing their national trade facilitation strategies, such as the National Trade Facilitation Roadmap of the Kyrgyz Republic 2021–2025. Read more: https://www.emeriobanque.com/news/global-survey-on-digital-and-sustainable-trade-2023-by-un #SMEs #UNGlobalSurvey #DigitalAndSustainableTrade2023 #tradefinance #globalsupplychains

Supply Chain Finance to Reach USD 13.4 billion by 2031 at 8.8% CAGR The supply chain finance market was estimated at $6 billion in 2021 and is forecast to reach $13.4 billion by 2031, developing at a CAGR of 8.8% from 2022 to 2031, as per the latest reports released by Allied Market Research. Additionally, the reports contain a comprehensive evaluation of the most favorable strategies, extending market requirements, market size, and estimations, value chain, key investors, leaders & opportunities, competitive scenario, and local landscape. The report will provide vital information to new contestants, shareholders, leaders and investors in presenting important techniques for the future and initiating major steps to reinforce and uplift their position in the market. COVID-19 Scenario The sudden outbreak of the Covid-19 pandemic had adverse effects on the development of the global supply chain finance market, leading to an increase in remote working activities building an overwhelming task of receiving data from multiple locations & sources for the supply chain finance firms. Read more: https://www.emeriobanque.com/news/supply-chain-finance-to-reach-usd-13-4-billion-by-2031-at-8-8-present-cagr #supplychainfinance #CAGR #blockchain #tradefinancedivision #globalmarket #LetterofCredit

ICC UK Introduces Initiative To Cope Duplicate Finance Fraud Recently, the ICC United Kingdom has reported launching a new drive to enhance the UK finance industry against the adverse effects of duplicate financing fraud. The Centre for Digital Trade and Innovation (C4DTI)operated initiative will use ICC United Kingdom’s convening abilities to convey this leading project under the C4DTI’s “Shutting Fraudsters out of Trade” workstream in association with MonetaGo. Duplicate Financing is defined as a fraudulent act where fraudsters avail multiple funds for the same transaction several times. In the present scenario, a fraudster can visit various banks and get the same transaction financed, without letting the other banks know or having them cross-check with the same. Guidelines related to confidentiality inhibit the banks from disclosing or sharing information on deals they have financed with other banks, creating a hopeless situation that fraudsters take advantage of to get funds for the same transaction multiple times. Read more: https://www.emeriobanque.com/news/icc-uk-introduces-initiative-to-cope-duplicate-finance #DigitalTradeandInnovation #UKfinance #ICCUnitedKingdom #financialservicesglobally #globaltradefinance

EBID Secures $130m Funding To Curb Trade Financing Gap in Africa As per the latest news, the ECOWAS Bank for Investment and Development (EBID) has revealed a dual-currency trade finance credit line worth around $ 130 million. The funding will be utilized critically to upgrade food security and build up agricultural value chains across West Africa, the AfDB stated in the declaration issued. The granted funds acknowledge the first time it has secured financial support from the African Development Bank (AfDB) which was honored with “Best Multilateral Financial Institution 2021” by Global Finance. The AfDB is facilitating $ 50 million and €50 million to the three-and-a-half-year facility, while the People’s Bank of China is giving a further US$ 30 million through Africa Growing Together Fund - a solution provided by the Chinese central bank yet managed by the AFDB. According to the AfDB’s head of trade finance, Lamin Drammeh, “Working with the EBID should assist with further developing its access to trade finance in the Ecowas area, which consists of 15 West African nations.” Read more: https://www.emeriobanque.com/news/ebid-secures-130-m-dollar-funding-to-curb-trade-financing-gap-in-africa #ECOWASBank #AfDB #tradefinance #tradefinancegap #SMEs #EBID #GlobalFinance