ICC Banking Commission to Launch Digital Trade Finance

ICC Banking Commission to Launch Digital Trade Finance
12.06.2017 08:45 am

ICC Banking Commission to Launch Digital Trade Finance

Banking

In line with its 2020 Strategy, the ICC Banking Commission has launched a “Digitalisation of Trade Finance Working Group”. 

The aim of the Group is to identify strategies to overcome the constraints of digitalising trade finance - such as a reliance on paper-based practices, a lack of recognition of the legal status of electronic documents, uncertainty over standards, and a general lack of clear legal and regulatory frameworks.

The working group will be chaired by Michael Vrontamitis, Global Head of Trade, Product Management Transaction Banking at Standard Chartered Bank and co-chaired by Alexander Goulandris, co-founder and CEO of essDOC. The group will be coordinated by David Bischof - Senior Policy Manager of the Banking Commission - who will oversee its daily operations. The group will also be the focal point for relevant external parties such as the international transaction banking association BAFT, the World Trade Organization (WTO) and the World Customs Organization (WCO). 

“The digitalisation of the trade finance industry is already underway,” said Michael Vrontamitis, Chair of the Digitalisation of Trade Finance Working Group. “In order to help the industry to reach a point of critical mass, where the benefits are fully realised, we need to develop a framework and create a digital ecosystem to enable connectivity and collaboration between stakeholders, in turn speeding up wider adoption.”  

A key focus for the working group’s activities will be in helping the trade finance industry realise the many benefits of digitalisation - including transparency, time and cost savings, reduced errors, and reduced compliance and operational risk. 
 
Olivier Paul, Head of Policy at the ICC Banking Commission said: “The group’s focus is simple - to improve awareness of digitalisation and to encourage banks and other corporate actors to participate in the transformation of the industry. Digitalisation can bring about significant operational improvements - working capital benefits and a reduction in the time and costs of the trade finance business - with significant wider economic benefits. Yet e-compatibility and minimum standards are critical, as is legal certainty. This group will thus play a pivotal role in delivering a digital future for trade finance.”

Related News

Privitar Closes $80 Million Series C Funding Round Led by Warburg Pincus

Privitar, the leading data privacy platform provider, today announced that it has completed an $80 million Series C funding round led by... Read more »

Tide adds clarity to government cash for businesses with Eligibility Tracker

Tide, the UK’s leading business banking platform... Read more »

Appian Helps Banks Automate Lending under the CARES Act Payment Protection Program (PPP)

Appian (NASDAQ: APPN) today announced an application that enables banks to accept and manage PPP loan applications from small businesses, support their unique servicing... Read more »

­­­Temenos smooths banks transition from London Interbank Offer Rate (LIBOR) to Risk-Free Rates (RFRs)

Temenos (SIX: TEMN), the banking software company, announced the availability of its updated banking software products to ease banks’ transition from the London Interbank... Read more »

Global banking technology leader Avaloq to reach net zero emissions by Q3 2020

Avaloq, a global leader in digital banking solutions and wealth management technology, is on track to reach net zero emissions by the third quarter of this year, one of a... Read more »

Temenos Wins Google Cloud Technology Partner of the Year Award for Financial Services

 Temenos (SIX: TEMN), the banking software company, today announced it has been recognized by Google Cloud as its Technology Partner of the Year in Financial Services. This... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel