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Trade finance revolves around an antiquated procedure that hasn't changed much despite the growth of international trade flows. It entails financial institutions providing credit facilities to guarantee the exchange of goods. Furthermore, the current paradigm for trade financing faces numerous obstacles, including intricate procedures and the implementation of diverse legislation that span multiple regions. International trade is complicated by the engagement of numerous external parties across countries, which adds to the process's expense and duration.Whether you're eyeing a console, desktop, or mobile game, our mission-oriented blockchain game development services are tailored to meet your objectives. Dominate the gaming landscape with a standout game crafted by our experts.
The existing trade finance process has to address the following challenges:
The shipment of goods is prolonged due to the various checks carried out by intermediaries and the numerous communication touchpoints involved.
The importing bank carefully examines the financial agreement submitted by the importer and forwards the financial information to the correspondent bank.
As each participant across countries uses different platforms, miscommunication is frequent, and the possibility of fraud is elevated.
The exporting bank is required to manually perform anti-money laundering evaluations using the financial information provided by the importing bank.
Exporters submit invoices to several banks in order to obtain short-term financing; however, this raises the possibility of failure in the event that items are not delivered.
Bills of lading are duplicated as banks cannot verify their authenticity.
Prior to disbursing funds to the exporting bank, multiple intermediaries must verify that the funds have been received by the importer as per the agreement, which leads to large settlement time.
As financial information is exchanged between entities, significant version control difficulties arise from changes made during the process.
Blockchain can foster an improved trade finance process underpinned by the following benefits.
The transparent ledger records transactions and information in a tamper-proof manner, providing visibility and accountability to all parties involved.
Blockchain reduces the need for intermediaries, making the trade finance process faster, cheaper and more efficient.
Blockchain provides a single source of truth for all parties involved in a trade transaction, enabling easy tracking of goods and ensuring supply chain transparency.
The decentralized blockchain ledger offers secure and tamper-proof data storage and transaction processing, thereby reducing the risk of fraud and financial crime.
Blockchain makes it possible to bring in new participants, including SMEs, into the trade finance ecosystem, thereby increasing the availability of trade financing for these participants.
Blockchain can improve risk management by enabling near real-time visibility into the trade finance process, reducing the risk of fraudulent transactions and providing a secure environment for storing trade finance documentation.
The existing trade finance process has to address the following challenges:
Automate invoice financing, reducing the time and costs associated with manual invoice processing and improving the accuracy of data.
Build trade finance platforms that bring together multiple participants, including banks, corporates, and government agencies, to streamline trade finance processes and reduce the cost and complexity of trade financing.
Store trade finance documents, such as bills of lading, invoices, and letters of credit, in a secure and easily accessible manner, reducing the risk of fraud and financial crime.
Streamline the LOC process, making it faster and more efficient by reducing the need for intermediaries and enabling near real-time communication between parties.
Improve risk management by achieving real-time visibility into the trade finance process, reducing the risk of fraudulent transactions and providing a secure environment for storing trade finance documentation.
Gain visibility into the supply chain and simplify the assessment of the risk of a trade transaction, thereby improving the availability of trade financing for SMEs.
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