Challenges in multi-bank connectivity and related process involving various trade finance instruments.
Technology is transforming the way banks/financial institutions are interacting with their corporate clients. An organisation involved in cross-border transactions are looking for secure multi-bank connectivity that offers multiple trade finance services over one single channel that can scale seamlessly.
To gain value and reduce the inefficiencies, organisations are addressing to resolve some of the below pain points using advanced digital technologies such as blockchain, AI, Machine Learning. They are expected to have a profound impact on how businesses transact and participate in global transactions involving multiple banks.
As organisations prepares for the digital transformation journey, they are looking at connecting their business operations with banks/Financial Institutions seamlessly without human interventions to increase efficiency and transparency. In addition to this, they want to ensure control and boost reliability on the banking network involving multiple banks in multiple jurisdictions.
A secure business network for corporate to bank relationship with enhanced visibility, transparency, and multi-bank connectivity.
Organizations are facing more scrutiny in banking relationships especially when cross-border transactions are involved.
Business agility requires managing automatic payment request facilitation with multi-party especially in cross-border transactions involving high value
Organisations are moving digital to provide greater visibility, to their banking/financing partners to differentiate themselves from others in terms of their credibility and genuinity of transactions.
The lack of visibility and transparency for managing multiple bank accounts and manage their workflows.
The Trade finance/Treasury process is a complex process covering multiple banks, trade financing instruments with heavy documentations and multiple contracts.
Trade finance/Treasury process is a time-consuming manual tasks and delays can significantly impact the business revenue and profitability especially in dealing with multiple markets
Our state-of-the-art blockchain-based platform provides a smoothened and streamlined connectivity with banks and other financial institutions. This App enforces effective and seamless procure to pay and order to cash processes involving multi-bank connectivity with reduced cycle times and enhanced user efficiency eliminating time-consuming manual tasks.
The app also enhances greater real-time collaboration for treasury department across banks and corporates in a multi-party environment with tamper-proof record of transaction documents and data with auditability on a secure digital network.
“Being part of this digital networks has helped banks with more visibility into customer operations, increasing transparency of the business transactions. This will surely reduce fraud and related risk and build cross border inter-connectivity.”
– Samuel Mathew, Global Head of Documentary Trade, SCB