With shrinking margins in trade finance, the biggest challenges that banks are facing today include improving service levels, increasing scale of operations and ensuring regulatory compliances without adding additional costs. As paper based trade processes are likely to continue to dominate, banks are looking forward to streamline inefficiencies in trade operations by automating trade operations in an electronically driven paperless environment.
With the ever growing competition, it’s imperative for banks to optimize the complete trade finance processing, from origination, issuance, amendment to collection. Most of these banks provide Trade Finance and International Banking Services to their commercial customers to help them expand their business in the global marketplace and maintain their margins and profits. Typical services include issuing Letters of Credit, Short and Medium Term Trade Finance Instruments, International Payments and Collections.
Designed by bankers & experts in trade finance and technology, MoData Trade Finance Solution accelerator is a revolutionary concept that thinks, acts and operates in the same way as a bank’s trade finance operation. The unique solution enables banks to process trade finance business both efficiently and cost-effectively, providing banks the edge they need to stay ahead of the competition. Utilize tamper proof Blockchain Data and Documents, Smart Contracts and IoT technology for “One Version of the Truth”.
MoData, through its out-of-the-box adaptors and integration technology, seamlessly integrates its Trade Finance Solution Accelerator with core banking systems. It provides domain rich out of the box Trade Finance. Solution accelerators and addresses all of the above challenges faced by banks today. MoData Trade Finance Accelerator automates end-to-end trade finance processing, ensures compliance and reporting of documentary credits, collections, guarantees, payments, reimbursements and financing.