ICC announces executive appointment to lead Digital Standards Initiative, covered by the specialist press

The International Chamber of Commerce (ICC) Digital Standards Initiative (DSI) has announced the appointment of Oswald Kuyler as its Managing Director.

The ICC DSI – run out of ICC’s Singapore hub – will work towards the ambitious aim of establishing a globally harmonised, digitised trade environment – directly addressing disruptions experienced during the COVID-19 crisis as a result of the reliance of trade flows on paper documentation.

The news was covered by Trade Finance Global, TRF News, Ledger Insights, TXF, Financial IT, PYMNTS, Procurement Nation, Market Screener, Asia Customs and Trade, GTR, Supply and Demand Chain Executive,

ICC launches high-level advisory group to prime trade finance to power COVID-19 recovery, covered by the specialist press

 The International Chamber of Commerce (ICC), the institutional representative of 45 million businesses worldwide, has announced the creation of a new Advisory Group on Trade Finance (ATF) – a cross-sectoral coalition of leaders in global trade.

The ATF – co-chaired by Victor K. Fung, Chairman of the Fung Group, and Marcus Wallenberg, Chair of SEB – will work to inform policy reforms and interventions to prime the trade credit ecosystem to power a rapid economic recovery from COVID-19.

The news was covered by CTMfile, Ledger Insights, Global Banking and Finance Review, Fintech Finance, Breaking Finance, Business Money, The Asset, Trade Finance Global, TXF News, Fintech Insight, TRF News, Finextra, Supply and Demand Chain Executive, Fintech Inshorts, Treasury Today.

GSCFF features in Trade Finance Global’s Trade Finance Talks Podcast

Promoting the launch of the GSCFF’s latest report, Christian Hausherr (Chairman, GSCFF and Product Manager Trade Finance / Supply Chain Finance EMEA, Deutsche Bank), Stacey Facter (Senior Vice President – Trade Products, BAFT) and Peter Mulroy (Secretary General, FCI) spoke about the misuse of payables finance in the latest episode of Trade Finance Global’s Trade Finance Talks Podcast.

The report, Ensuring payables finance remains a force for good,  aims to address criticisms of payables finance across three key areas: the potential adverse impact on suppliers, issues relating to financial reporting and transparency, and overall programme risk.

To listen to the episode, please click here.

GSCFF members discuss supplier bullying and new report in GTR interview

Speaking with GTR, Christian Hausherr (GSCFF chair and European head of payables finance at Deutsche Bank), Peter Mulroy (FCI secretary general) and Stacey Facter (senior vice-president for trade products, BAFT) discuss the misuse of supply chain finance and the release of the GSCFF’s new report – Ensuring payables finance remains a force for good.

“If correctly implemented, it is clear that payables finance is a means for buyers and sellers to optimise their working capital and strengthen their relationships with each other. It is our goal to ensure that this is correctly implemented across all industries and geographies.”

To read the full interview, please click here (paywall).

GSCFF releases new report, Ensuring payables finance remains a force for good, covered by the specialist press

The Global Supply Chain Finance Forum (GSCFF) – comprising BAFT (Bankers’ Association for Finance and Trade ), FCI (formerly known as Factors Chain International), the International Chamber of Commerce (ICC), the International Trade & Forfaiting Association (ITFA) and the Euro Banking Association (EBA) – has released a new paper in response to growing concerns regarding the use of supply chain finance (SCF) and, in particular, payables finance programmes. The report, Ensuring payables finance remains a force for good, aims to address criticisms across three key areas: the potential adverse impact on suppliers, issues relating to financial reporting and transparency, and overall programme risk.

To read the full report, please click here.

The news was covered by  GTRTXFFinextra, Financial IT, The Paypers, Trade Finance GlobalFintech Finance, TRF News, Hellenic Shipping News, Fintech Insight, Sailor News, Business Money, Supply and Demand Chain Executive, Capital Finance Club, Breaking Finance, Fintek News, PYMNTS, Procurement Nation, CTMfile, The Corporate Treasurer, Supply Management, Marasi News, Supply Chain Best Practices.

Commerzbank releases latest edition of FI.News

Commerzbank has published the latest edition of FI.News, the bank’s newsletter for financial institutions. Featuring various in-depth articles and interviews, the biannual newsletter collects Commerzbank’s latest insights on the challenges and opportunities that lie ahead for financial services in today’s transformational times.

Financial institutions are understandably operating in challenging circumstances. Yet this edition of FI.News keeps its gaze firmly ahead –  exploring the ways that the current situation could be a catalyst for change in a number of areas, including digitalisation, trade finance, African trade and sustainable finance. The newsletter also provides latest news stories and internal updates from the Commerzbank Institutionals division.

Moorgate has produced FI.News since 2013. The latest edition may be found here.

Jeff Fallon makes the case for Europe-Africa trade in Financier Worldwide

Africa-EU trade relations have long been critical: the EU is Africa’s largest trade partner and this inter-continental trade barrier will be crucial to spur both region’s post-pandemic recovery.

Writing for Financier Worldwide, Jeff Fallon, head of client coverage at BACB, claims that despite likely changes to risk appetite for supporting this trade corridor, it would be short-sighted to let Europe-Africa collaboration fall behind.

Fallon writes: “Maintaining connections between Europe and Africa will be vital to economic recovery, and specialist banking partners that remain committed to Africa are on hand to help navigate the process.”

Read the full article here.

BNY Mellon’s Carl Slabicki discusses the changing climate of US payments in an article for Finance Monthly

For a long time, banks in the US have competed primarily on price and service rather than as providers of payments solutions. But now, with the emergence of real-time payments, updated legacy rails and a new layer of overlay services, the US payments landscape is beginning to transition to an entirely new payments culture.

Amid this change, as the importance of expediting the journey from paper to digital transactions becomes increasingly clear, Carl Slabicki, Head of Strategic Payment Solutions, BNY Mellon Treasury Services, explores the need for faster payments and more streamlined and feature enhanced capabilities around validation, security and risk mitigation.

To read the full article, please click here.

How can banks support trade in a time of crisis? Citi’s Parvaiz Hamid Dalal examines in an article for Global Trade Review

The impact of the Covid-19 pandemic on trade has been profound. Disruption to both supply and demand dynamics and supply chain logistics have resulted in the entire trade value chain coming under pressure.

Operationally, however, trade flows have shown remarkable resilience. Banks that have invested heavily in trade technologies are now able to deliver digital trade finance solutions that enable their operations and documentary processing to continue remotely and their clients to initiate these transactions remotely, with little (or even no) disruption. Such banks can connect clients and counterparties digitally, enabling end-to-end transactions to be carried out seamlessly, with funds delivered electronically to buyers and suppliers across the globe.

With global trade having to adapt to these unprecedented levels of disruption, Parvaiz Hamid Dalal, Citi’s global head of strategy and solutions, working capital finance, TTS explores how banks can play an important role in keeping business moving.

To read the full article, please click here.

How are banks laying a path for the digitalisation of trade finance? BNY Mellon’s Joon Kim explores in an article for Global Trade Review

The Covid-19 pandemic is presenting global trade with exceptional challenges. With disruption to many supply chains due to large-scale logistics obstacles, and many sectors seeing significant decreases in demand, exporters must traverse an uncertain, unfamiliar landscape.

Prior to the pandemic, significant efforts were already being made by many banks to enhance trade finance through technological innovation. But events of the past few months have spurred a flurry of activity from blockchain to optical character recognition (OCR). Participants have been required to move away from ingrained, paper-based procedures and adopt digital solutions in order to ensure their businesses can continue to operate effectively.

In an article for GTR, Joon Kim, Global Head of Trade Finance Product and Portfolio Management, BNY Mellon Treasury Services, explains how banks are addressing these short-term challenges, and looking to a digital future.

To read the full article, please click here.