The process of Trade Finance Operations has long enough been overlooked and has become more complex and prone to high risks due to regulatory and market trends. Commerzbank, one of the largest German banks with a strong focus on Trade Finance, is one of the first banks to upgrade to the future by implementing advanced automation. Currently, their Trade Finance Operations depend on a strictly manual workforce, but by 2022 their target is to automise 80% of their processes.
Corporate Treasury and Trade
SWIFT gpi has rapidly reduced frictions and transformed the customer experience in cross-border payments. Yet new challenges appear as market needs continue to evolve. To help you stay ahead of the curve, the gpi community is exploring several new initiatives that leverage the gpi platform. But where would you put your money first: A new payment pre-validation service? A payment investigation resolution service? A cross-border payment collection service? Real-time cross-border payments? Or maybe you have an idea that you’d like to pitch?
With more and more banks embedding gpi ‘track & trace’ capabilities in their banking portals, the transformation of cross-border payments has already brought significant benefits to corporate treasury operations on the buyer side. Yet this leaves corporates on the supplier side watching these gpi developments with envy as they continue to struggle with cross-border payment challenges in reconciliation, international collections and liquidity management. So what exactly are the needs of corporate sellers? And how can we leverage the gpi platform and tracker to respond to them?
Centralisation, standardisation and automation of treasury processes and workflows are extremely important for the success of multinational companies. When it comes to processing international payments, the same three pillars need to be the basis for good procedures definition and to ultimately remain competitive. Join our session to discover the SWIFTRef offering for Corporates and how it helps increase operational efficiency and how this solution is evolving including an enhanced API offering.
Over 70 major banks have already successfully adopted and rolled out the high-speed, fully trackable SWIFT gpi cross-border payments service to their customers – and bank staff and customers are feeling the benefits. In this session, hear first-hand from two live gpi users how gpi has significantly reduced their investigations and helped them maintain, or even regain, market share within specific customer segments.
Banks are enhancing their digital channels to deliver the full value of gpi to their customers. For global corporates operating with multiple banks, a consistent banking experience is a must. In this session a major multi-national corporate using SAP will demonstrate how they have integrated gpi flows from multiple banks into their ERP system, and how this has simplified cross-border payment processes in their treasury operations.
Payments are becoming instant, enabled in part by real-time settlement infrastructure. This evolution imposes new requirements on bank treasurers, such as real-time liquidity management and monitoring. GTV is a new framework addressing exactly this domain; if you are involved in real-time settlement infrastructure, as a treasurer or as a service provider, this session will provide you with up-to-the-minute information on how part of the real-time challenge can be met, and some compelling reasons to get involved.
Lead corporate banks are extending the value of gpi to their end-customers through their electronic banking channels. However, multi-banked corporations working with multiple financial institutions are requesting a single standard to integrate gpi information in the core of their treasury operations. A group of international corporations and gpi cash management banks* have been working closely together over the last months to streamline the gpi experience for multi-banked corporates.
New technology and open banking is driving a digital transformation in the corporate to bank landscape. This transformation is changing bank business models and creating a rich ecosystem of third party solution providers that will help treasurers address their key industry challenges in ways that have so far been unimaginable. And yet, treasurers will have to leverage those opportunities in a world where cyber-threat, regulation and the need for agility are only increasing.
After a steady run towards globalisation for 20 years, world trade is potentially facing serious protectionism for the first time in the 21st century. Trade finance revenues at top banks saw further decline recently despite higher interest rates and commodity prices. Faster payment settlements are bringing down working capital needs and emergence of alternative trade finance providers presents new challenges for banks. At the same time, compliance and fraud risks remain a threat.