Trade finance with TradeEnabler 2.0TM

.01 Context

Currently, because it is costly to use trade finance systems, particularly in emerging countries, companies find it difficult to sell their products and get paid on regional or international markets.. However, digitalization can facilitate their global collaboration, allow them to get into trade finance, have access to decentralized finance and reduce their costs.

.02 Situation

International trade is an opportunity for large companies, but small and medium-sized companies are struggling with high prices. When trying to sell their products and services in international markets, they struggle to find information about their customers and suppliers. They struggle to synchronize the constraints of compliance and payment.

Many documents are still physically sent using a courier and the cost of digital collaboration systems allowing scanning and examination of documents are prohibitive. Banks, financial institutions, companies are therefore losing customers, struggling to service import and export transactions.

Moreover, in a context of COVID-19, companies, large or small, have increased the opportunities to sell at any time, instantly and anywhere in the world.

.03 Problem

Many banks today need the physical presence of their customer with their specialist, requiring a large number of specialized staff and wasted time examining numerous documents. Banks should be able to provide their clients with a digital channel for the delivery of trade finance transactions, including commercial letters of credit, standby letters of credit, amendment, invoices / negotiations, and collections. Small and medium-sized enterprises struggle to export their products and services to international markets.

.04 Solution

Trade EnablerTM saves time by providing banks with the tools they need to manage the flow of transactions. The platform is scalable and with collaboration technologies allowing multiple parties to interact, track and manage trade finance transactions from start to finish in real time. The solution allows financial institutions to mitigate, reduce or eliminate the risks associated with international trade.

The platform offers a video connection which makes it possible to connect with customers constituting a tool for combating fraud in their international transactions.

Payment, synchronized with the KYC, is flexible with multi-factor authentication and multi-user authentication.

Otherwise, setting up an invoicing system can simplify the procedures for importing and exporting products and services. The invoicing system provides access to the import and export payment platform.

.05 Information

Invoicing process:

  • Preparation of the invoice in multiple currencies and stable crypto
  • Payment accepted on presentation of an invoice from the customer to avoid fraud
  • Transfer of invoices with different payment methods
  • Invoice automation identical to large companies using a more efficient decentralized model.

  • Letter of credit issuance:
  • Customers submit their letter of credit application online.
  • Trade finance specialists review the application online and approve the verbiage.
  • The credit department approves the commitment, utilizing the customer’s credit line.
  • Compliance screens parties using automated AML and sanctions lists filter.
  • The communication room transmits the LC by SWIFT.

  • Trade documents processing:
  • The mail room opens and scans the documents into TradeEnabler.
  • Compliance screens.
  • Trade finance specialists negotiate documents, communicate discrepancies if any with the customer.
  • Trade finance specialists charge the customer’s account and instruct the mail room to send the title documents to the customer.
  • .06 Functionalities

    Transaction types

  • Commercial Letters of Credit
  • Bills Under Letter of Credit
  • Standby Letters of Credit
  • Amendments
  • Documentary Collections
  • Generic instruments

  • Features
  • Submit LC, bill, amendment, and collection applications
  • Customer and bank LC templates
  • Track transaction status
  • Credit approval and denial
  • Verbiage review and edit
  • Track verbiage changes (i.e. on-screen red-lining)
  • Accept or reject highlighted verbiage changes
  • Create and edit templates
  • Transaction event email notification
  • Trace bills/documents from courier
  • Grant view-only access to exporter/importer
  • Outsource trade finance process to correspondent bank
  • Transaction audit trail
  • Customizable reports
  • User management
  • Customer management
  • Customer dual or single control option
  • Winstant Galaxy

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