30th June 2020 – Tradeteq, the London-based provider of technology and software to the trade finance industry, has today announced the launch of Tradeteq Connect – an expansion of its existing platform to help distribute core trade products such as letters of credit (LCs), guarantees, and trade loans. The new functionalities will help improve how banks and non-bank institutions sell and purchase risk participations in core trade finance products.
Developed in collaboration with a leading Tier I European bank, Tradeteq Connect aims to digitise the entire core trade distribution process. Where previously this process relied on spreadsheets, Tradeteq Connect is a single system that can handle the full distribution chain end-to-end in one place.
This newest addition to Tradeteq’s multi-award-winning trade finance distribution platform offers Tradeteq’s global network of users the ability to seamlessly and securely connect, interact, and transact. Tradeteq Connect reduces the dependency on manual workflows and error-prone processes. An intuitive dashboard highlights the most important information. Automated notifications make sure institutions are fully in control of opportunities, events, and deadlines. And with full API integration users can continue to work in their familiar environment.
Tradeteq Connect runs on Microsoft’s Azure cloud, the world’s leading cloud platform. Tradeteq Connect gives institutions the same security, privacy, and compliance protections that are used by global banks and 95% of Fortune 500 companies. By holding data in their own dedicated ‘Tradeteq Pod’, located in one of 61 regions across the globe, Tradeteq Connect users can meet even the most demanding data residency, compliance, and resiliency requirements. Tradeteq Connect allows users to stay fully compliant with their country’s or region’s legal and regulatory requirements on location of their data.
Tradeteq Connect will not only vastly improve bank-to-bank distribution of core trade but will also enhance the capability of distributing trade finance to other investors. This will help to close the US$1.5 trillion trade finance gap, thereby supporting smaller businesses that previously would have been unable to receive the finance they need.
Nils Behling, CFO of Tradeteq comments, “We see huge leaps forward in the technology for trade finance. These innovations are making transactions easier to conduct, more efficient, and less reliant on manual processes. But going even further, technology in trade finance is improving the perspectives of businesses across the globe.
“The impact of Covid-19 has affected the smallest of exporters the most, making the need for an industry-wide solution even more apparent. Banks can no longer be wholly responsible for the trade finance sector and instead will look to distribute assets out to other investors. By making a low risk asset class widely accessible, businesses will benefit as they can now get funding that would otherwise not been available.
“With the launch of Tradeteq Connect, we’re making sure the sector continues to evolve for the better, closing the trade finance gap, and providing greater connectivity between banks and other institutions.”
