FAQ

What is trade finance?

Trade finance is the financing of trade between businesses to reduce payment risk. It facilitates domestic transactions as well as imports and exports.

For example, your company may receive a large buy order and need to secure supplies to produce the goods before receiving payment. Trade finance helps you get the funding required to fulfill orders on time. 

Why should you consider trade finance automation?

Automation is essential to trade finance because it reduces the risk of human error, simplifies reporting and compliance, and cuts costs.  According to the ICC, close to 80% of trade relies on trade finance. Automation is used for managing documentation, tracking shipments, processing payments, and even extending credit without human error.

 

What are 3 key benefits of trade finance automation?

Automated trade finance offers businesses the following benefits:

  • Minimize cash flow disruptions – Obtain financing to pay for goods and services, protect against currency fluctuations, and reduce the payment risks associated with trade. Access a global network of banks, credit agencies, and credit insurers.
  • Verify terms and conditions: Trade finance automation reduces the risk of human error when verifying documents. The use of artificial intelligence and machine learning allows you to accurately verify documents.
  • Save time and money: Automation streamlines the time-consuming process of onboarding new customers and suppliers. It also reduces costs by boosting efficiency and reducing the need for manual work.

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