Aimed at facilitating the automation of corporate-to-bank trade finance exchange, the initiative – which leverages an XML formatted open-API message – is easy and cost effective to implement. It also improves data integrity, promotes greater agility and is particularly well suited to corporates with limited transaction volumes.

“This is the beginning of a new and very promising journey in the digitalization of bank guarantees,” comments Marie-Laurence Faure, Head of Digital Trade Channels at BNP Paribas. “It is a significant industry milestone, and we invite all other trade finance stakeholders to join this initiative for the benefit of the entire ecosystem.”

“I’m very pleased we worked with Surecomp and BNP Paribas on testing this API for guarantees,” says Eddy Veenstra, Customer Finance Director at Vanderlande. “Taking a collaborative and standardized approach with our trade finance partners is proving hugely valuable in helping us gain better control and visibility of our guarantees and expedite trade to enable more robust future growth.”

“API-first solutions are the key enabler to lowering thresholds to digital trade transformation,” states Enno-Burghard Weitzel, Surecomp’s Chief Solutions Officer. “Our role as an industry leader is to help shape the future of digital trade hence the importance of being an early adopter of new standards like this one. By using our RIVO™ platform as a centralized hub, banks, insurance companies and corporates can connect in real-time and now leverage the Swift – ICC API to execute faster, more efficient guarantees, which will ultimately improve cash flow and drive trade growth.”