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.
The new collaboration between the two businesses addresses several issues within the trade finance space by streamlining and simplifying trade finance processing, leading to new business opportunities, improved trade productivity and ultimately, a sustainable future for global trade. Both companies are recognised as industry leaders in this year’s Global Finance awards winning ‘Best Trade Finance Software Provider’ and ‘Best DLT Platform for Trade Finance’ respectively.
“This partnership encapsulates Surecomp’s value in driving collaboration rather than competition, by bringing the ecosystem together to facilitate trade and boost economies,” says Enno-Burghard Weitzel, Surecomp’s SVP of strategy, digitisation and business development.
“Financial institutions using the Contour network will now be able to automatically process trade finance applications on the back-end providing a seamless, straight-through process for heightened efficiency and customer support.”
Carl Wegner, CEO of Contour, said: “Surecomp shares our vision in ensuring that the trade finance ecosystem is open to everyone, from large financial institutions and MNCs to local banks and MSMEs. Our integration with Surecomp will take us a step further into the future.
Follow: Ngulminthang Lhanghal
Originally Posted: https://www.theglobaltreasurer.com/2023/03/16/interoperability-between-digital-trade-finance-solutions-on-the-rise/
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