London-based Tradeteq, which provides technology for bank asset distribution, has announced an expansion of its existing platform to support the distribution of bank risk resulting from trade products such as letters of credit (L/Cs) and guarantees.

Following a successful proof of concept phase implemented with Germany's second largest lender, Commerzbank, Frankfurt-based export trade finance specialist, AKA Bank, and London-based specialist credit and political risk insurance broker, Texel Group, Tradeteq hopes its Tradeteq Connect platform will set a new technology standard for trade asset distribution.

More participants anticipated

By establishing this new technological link between them, Commerzbank, AKA, and the Texel Group form the nucleus of the Tradeteq Connect network of grantor and participant banks, insurers carriers and brokers. Additional banks and credit insurers are expected to be selectively invited to join the platform.The platform provides the technologies needed for participants to trade within their own private network with counterparties they choose in one place.

Platform benefitsTradeteq says its platform reduces the dependency on manual workflows and error-prone processes. It features a dashboard highlighting important information while automated notifications are designed to help institutions stay in control of opportunities, events and deadlines.

The platform also aims to enhance the capability of distributing other trade finance products such as receivables and supply chain finance to other investors.

More information about the Trade Connect platform can be found here.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.