Surecomp, a provider of digital trade and supply chain finance solutions, and BNP Paribas and Vanderlande have completed a pilot for corporate-to-bank connectivity developed by Swift and ICC. 

 As part of their collaboration, Surecomp, BNP Paribas, and Vanderlande have piloted the corporate-to-bank connectivity standard, which was designed by Swift and the International Chamber of Commerce (ICC). The API-based communication channel allowed Vanderlande to request a guarantee via Surecomp’s RIVO platform, which was securely transferred to BNP Paribas in real time without any manual intervention.

The pilot follows Surecomp’s announcement regarding trade finance banks joining its RIVO ecosystem, including Crédit Agricole CIB in France, Danske Bank in Denmark, and Mizuho in Europe. This enabled the financial institutions to leverage the collaborative trade finance platform. Also, the inclusion underlined RIVO’s scaling influence and its ability to optimise efficiency, transparency, and connectivity within the trade finance sector.

Surecomp, BNP Paribas, and Vanderlande’s initiative worked towards facilitating the automation of corporate-to-bank trade finance exchange, utilising an XML formatted open-API message. In addition, the move intends to improve data integrity and promote agility, being well-suited for corporates with limited transaction volumes. Representatives from BNP Paribas mentioned that other trade finance stakeholders can join in this initiative to further support the entire ecosystem. At the same time, Vanderlande underlined that by taking a collaborative and standardised approach with trade finance partners, the financial institution can benefit from increased control and visibility over its guarantees and expedite trade to allow future expansion.

Moreover, by leveraging Surecomp’s RIVO platform as a centralised hub, banks, insurance companies, and corporate organisations can connect in real-time and now are set to be able to use the Swift – ICC API to conduct more efficient guarantees. This intends to allow them to scale cash flow and increase trade growth. The end of July 2024 also saw Surecomp partnering with Visa to augment trade finance and cross-border payments. The two companies intended to provide banks and financial institutions with an efficient and secure alternative to traditional payment systems while optimising international transaction processes globally.