Trade as we know it dates back centuries and has altered very little; remaining heavily paper based, labour intensive and dominated by manual processes. Certainly, if you were to name one sector that could benefit from fintech innovation, trade would be it. And despite challenges to the digitalisation of trade – such as reluctance to change by some parties within the supply chain, a limited awareness of new innovations, and technical issues – there are key initiatives underway.
In the FX-MM June/July issue, Mauro Bonacina, Head of Trade Business Development EMEA, Treasury Services, BNY Mellon, examines some of the initiatives that have the potential to change the face of trade. These include blockchain, application programming interfaces (APIs) and Optical Character Recognition (OCR). Bonacina concludes that, by working together to leverage these new technology capabilties to the full, we can all benefit from the new, digital era of trade.
To read the full article, please click here and scroll to page 42 (please note, free subscription to FX-MM required).