Digital trade finance solutions provider Surecomp has launched a new collaborative trade finance platform called Rivo. It aims to overcome challenges of interoperability amongst digital platforms and bring together an ecosystem of corporates, financial institutions and fintechs.

The solution, which is now live, accelerates the issuance and monitoring of trade finance instruments such as letters of credit (L/Cs) and guarantees, thus enabling companies to finalise finance agreements and execute trade finance transactions within hours.

Intermediary role

Rivo is an API-based platform, which means it acts as a software intermediary that allows different applications to talk to each other.

The solution therefore recognises that no one solution can provide end-to-end digitisation of trade finance and logistics, so collaboration is a key consideration.

Facilitating collaboration

Rivo offers collaborative document management, allowing users to draft, issue and amend documents.

It also provides real-time advice and notifications between transaction parties and centralised communication for ease of tracking and version control.

The solution can also access other value-adding fintechs in the trade ecosystem, enabling paperless processes and bridging the interoperability challenge.

Benefits

Financial institutions using Surecomp's platform can manage all finance requests and deliver services to multiple corporates not limited to their existing customer base.

Corporates can collaborate with any financial institution for centralised visibility of credit lines and utilisation across multiple jurisdictions.

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