SIA has launched a new platform that allows banks to digitise trade finance processes, making it easier for corporates and SMEs operating in markets around the world to manage documentary credit dossiers.
The ‘Digital Trade Finance’ platform allows banks to simplify back-office operations and global transaction banking internal functions through paperless and digital processing of paper.
Banca Popolare di Sondrio actively participated in the development of SIA’s solution by providing the expertise of its internal structures. The project focused on the management of letters of credit, from the pre-contractual phase to the settlement phase, making it possible to move to a completely electronic format.
The “Digital Trade Finance” solution is an integral part of SIA EasyWay, the digital payments infrastructure that supports financial institutions and other payment service providers in the adoption and management of SEPA payment and collection instruments, instant payments, cross-border payments and open banking.
“Companies need to simplify processes in order to focus on new business opportunities. They now have a digital tool that facilitates access to foreign markets,” said Daniele Savarè, Innovation & Business Solutions Director of SIA.