Emerio Banque Is Digitizing The Global Trade Finance Solutions For Improved User Experience

2024-04-17 07:59:37 Business

474

Emerio Banque - A globally recognized financial institution facilitating international trade transactions with its trade finance service and other offshore banking services like Letter of credit/Bank Guarantee etc has now taken a revolutionary step towards making the trade finance process more digitized.

Today, more and more corporate clients are seeking to organize their transactional process on a single, centralized, and synchronized digital platform to reduce global trade transaction time and cost as well as to minimize the fraud risk. Emerio Banque initiates to provide an enhanced digital banking experience with smooth, safe, quicker, and uninterrupted trade transactions to all its corporate clients by implementing the latest digital data flow platforms and emerging technologies.

Replacing Paper-Based Documents With Blockchain Technology

One of the most critical areas in executing the trade finance process is the extreme volume of paper-based documents importers and exporters are bound to go through to continue the flow of information. These paper-based documents such as a letter of credit, or bills of lading are more prone to expose fraudulent activities due to the involvement of several parties and complexity in trade transactions. Today there are still some banks or financial institutions which are operating on manual verification of every document. But corporates are seeking a platform to convert these documents into an electronic format so that they could be safe and can be stored for the long-term.

With an agenda to facilitate our clients and eliminate the aforesaid risks, we are now operating on new technologies such as Blockchain and APIs so that they can easily synchronize their digital processes across the different parties worldwide who are involved in global trade. Our blockchain platform enables corporate clients to streamline their trade transaction processes and all the essential information in one digital document. It is fully-updated and can be viewed by all the participants on the network with instant access as well as an increased speed and quality. Blockchain technology uses a public ledger for tracking transactions and thereby reduces transaction costs by eliminating the involvement of a third-party. Our export letter of credit service, Standby LC, and Bank guarantee service operate on a blockchain platform and are provided in electronic form to ensure paperless transactions.

Covid-19 Disruptions Have Left An Extreme Requirement Of Digital Trade Finance

As the global pandemic of COVID-19 affected the global economy and supply chain trade finance, it has also pushed several banks and financial institutions to shift their trade finance service to a digital platform where until now were paper-based. Only the banks that were operating on digital platforms like Axis Bank, HDFC Bank, and SBI have successfully survived during the pandemic. Hence, more companies worldwide are adopting DLT technologies (decentralized ledger technology) to overcome its effects and ensure sustainability in the global market. According to a study published by WTO, it is stated that the pandemic has not only extended the adoption of DLT but also gave a boost to the increased implementation of DLT platforms in the trade finance industry.

As a necessary step to becoming as strong and capable as other FIs, we at Emerio Banque have introduced fully regulated digital access of banking 24x7 anytime from anywhere, as well as offering mobile and smartphone banking, instant flexible payments, and many more to prioritize the technology opportunities, enable organizations with their core competencies, boost their market share and ensure sustainability in the market. Financing both traditional and domestic trade demands an extreme requirement of transparency and efficiency.

Carving Our Way Towards Digitized Trade Finance Service

A high volume of paper-based transactions and manual processing has a high potential for fraud and the digitization of trade finance has a greater scope of facilitating the opportunity to get better control of credit facilities, reduced fees, and improved application processes. The technologies like Blockchain and AI will leave their influential effects on SWIFT payments and will enable clients to reuse data with reduced cost and higher benefits. While the idea of implementing blockchain technology in the trade finance industry is not new. Bitcoins are already being used to simply trade finance practices and address the real-world challenges arising due to the present manual and paper-intensive processes in use. In the future, the digitization of global trade transactions has the potential to revolutionize the international trade finance industry by serving as a safe and trustworthy intermediary. As trade finance is transforming its shape with the interference of digital platforms and the shifting needs of corporates, this deep transformation in the global trade will require banks and FIs to extend their digitization efforts with improved quality.