Open trade finance: Moving to open APIs
Given ongoing social change and rapidly evolving requirements around the way counterparties interact, we’re now entering a new era of business scenarios opening up greater digital opportunities than ever before. For banks, the choice is either to join it – or face playing catch-up.
The nature of the trade and supply chain finance – with diverse parties sharing multiple documents and data sources – makes it ideally suited to digitization and technology-enabled collaboration. Moving towards open APIs is the fundamental first step on the journey toward realizing the benefits on offer to open trade platform players. By taking a platform approach to trade finance, and leveraging open APIs, financial institutions can be more flexible, agile and faster to market.
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