Why financial institutions & their clients need trade finance workflow solutions?
Deep dive discussion on specialised trade finance workflows designed to ensure risk management, fraud detection, customer experience, ease of operations, resource optimization, compliance, audit and regulatory reporting.
Trade finance workflow solutions help banks and clients automate and coordinate international trade finance transactions. Many banks have paid dearly for blunders that may have been prevented with effective automated operations.
In 2014, the Japanese Financial Services Agency (FSA) penalised a large Japanese bank 200 million yen (roughly $1.9 million) for failing to control anti-money laundering transactions with organised crime organisations. Manual errors and insufficient automation contributed.
Trade finance operational and transaction processing risks cost Citigroup $900 million in 2016. Banamex's manual processing and poor controls caused the losses. Unautomated operations and processes prevented fraud detection and risk mitigation.
It’s without a doubt that automated systems can simplify document verification, risk analysis, and payment processing in trade finance operations.
Streamlining trade finance workflows saves
banks time and money. These applications eliminate manual errors and waiting
time. Transaction speed and accuracy affect banks' reputation and market share.
Trade finance involves buyers, sellers, banks, and transport companies. Coordination and document flow between all these people can be complex and time-consuming. Trade finance workflow solutions improve teamwork, reduce paperwork, and reduce fraud.
Listen to the Podcast here:
https://youtu.be/xiPVpFYLIMo