Traydstream and 360tf partnered to digitize, innovate and expand global trade finance solutions.
The collaboration aims to make trade finance “efficient and seamless” by bridging the global trade finance gap, reducing paper dependency and digitizing processes, the companies said in a Wednesday (June 12) press release.
“360tf and Traydstream together aim to revolutionize the digitization of trade finance by supporting corporates in financing, saving time and money on document processing, and allowing them to focus on their core business,” the release said. “For banks, this partnership will enhance process efficiency, mitigate compliance risks, and expand their reach to geographies without a representative office, facilitating bank customers that may not be addressed otherwise.”
The collaboration brings together Traydstream’s trade digitization capabilities and 360tf’s global trade finance ecosystem.
Traydstream provides automated trade document scrutiny and compliance solutions to help financial institutions and corporates streamline operations, reduce risks and boost efficiency, according to the release. The company is led by U.S.-based FinTech investment firm Pivot Investment Partners and e& investment arm, e& capital.
360tf’s global trade finance ecosystem helps to digitize corporates’ trade finance requirements and enhance efficiency, per the release. The company’s management office is in the Dubai International Financial Centre, enabling it to use Dubai’s infrastructure and status as a global trade hub.
Innovation in the trade finance space has historically been stymied by paper-based processes, regulatory mismatches and colossal financial infrastructures, PYMNTS reported in January.
But the sector is now seeing a foundational shift driven by financial institutions’ adoption of digitization, automation and the integration of emerging technologies that can enable faster decision-making and make global trade more efficient and transparent.
In another collaboration, Traydstream said in December that it is working with Citi to offer Citi clients automated trade-document processing capabilities.
The partnership gives Citi clients a way to “leverage a vast array of pre-loaded document types” along with a rules engine that automates the processing steps. In addition, the companies work together to streamline documentation review and examination “in accordance with documentary credit terms” to help reduce risks, operational load and cost.
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