'Trade Information Network Limited' has been established by the six founding banks of the Trade Information Network (TIN). The new company will own, operate and develop the TIN platform. The platform build is complete and is now ready to pilot with banks and their corporate clients.
The six founding banks - ANZ, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered - and their clients will start the pilot in the fourth quarter of this year. In addition, Lloyds Bank and Standard Bank of South Africa have also confirmed their intention to participate in the pilot. The participation of new banks in the pilot from day one represents the initiative’s core aim to unite the trade finance industry to address clients’ financing needs around their supply chains and across the globe.
“With the Trade Information Network, we open a new chapter for trade-related financing and inclusion and for our industry, said Trade Information Network Limited's acting CEO Alexander Malaket. "This unique and innovative network is open for buyers, suppliers and banks. The network will enable the provision of financing deeper into global supply chains, and will make an important contribution to the evolution of the global ecosystem that supports international trade. We will immediately begin to reach out to the market to invite participation in the network.”
TIN says that banks and their clients will benefit from a one-time registration, standardised connectivity and risk mitigation for duplicate financing and fraudulent trade information. Through the network, corporates can communicate their trade information and raise finance requests in a secure way to participating banks of their choice. Banks will provide financing outside of the network using their existing channels, processes and practices.
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