Transform trade finance by turning paper trails into digital highways

Business challenges

Global banks servicing trade finance transactions are vital to international commerce, bridging the gap between buyers and sellers while managing risk. However, trade finance processes are time-critical and heavily regulated yet remain highly manual and paper-intensive, escalating costs, increasing risks, and decreasing profits while compromising customer experiences.

Documents must be reviewed by multiple stakeholders in the trade transaction resulting in the physical movement of paper between 2-8 banks for any given trade depending on the complexity of the deal. Further, data accuracy is paramount to support these due diligence processes, mitigate risks, and facilitate trade commerce. Despite these challenges, 45% of banks still employ manual processes inherently fraught with inefficiencies and inaccuracies; the rest use only partial digitization.¹

Impact

According to McKinsey, banks could increase operating profits between 9% and 15% by embracing new technology and modernizing inefficient, manual, paper-based processes. That equates to banks saving an additional $200 billion to $340 billion from increased productivity while improving customer experiences, decision-making, and fraud monitoring.²

What if you could

Rapidly digitize documents and streamline the review process via automated workflows and intelligent validation rules to accurately and efficiently process documentary credit packages and mitigate multiple risks.

You can overcome traditional trade finance challenges by digitizing documents into data you can use, automate, and reconcile to:

• Reduce reliance on manual and paper-intensive processes, reducing time, effort, cost, and errors
• Improve data accuracy throughout the trade finance processes, facilitating decisions and improving internal employee and external customer experiences
• Mitigate multiple risks within country, corporate, fraud, and foreign exchange levels, safeguarding business outcomes
• Rapidly digitize documents, helping to meet service level agreements
• Streamline review processes including letter of credit terms, document consistency, and anti-money laundering, accurately processing documentary credit packages
• Easily deploy trade finance automation with preconfigured workflows and the ability to customize further, accelerating deployment
• Systematically manage regulatory compliance processes, optimizing trade finance