Correspondent banking is evolving. Once a predominantly payments network, it is now developing into a ‘relationships network’ – with banks looking to facilitate seamless interactions between clients by connecting them on purpose-built digital platforms.
Corporate-to-corporate trading platform we.trade is already live and improving the way businesses trade with one another, and there is potential to take this further by combining we.trade with a corporate-to-bank initiative, such as the Trade Information Network – enriching interactions between buyers and suppliers through proactive support from a broad network of banks.
This could offer the best of both worlds. Corporates would achieve greater transparency when it comes to securing contracts, while banks would have the opportunity to introduce value-added services throughout the transaction process.
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