Surecomp, a provider of trade finance systems to banks and corporates, has launched a multi-bank trade finance application designed specifically for small-to-medium-sized enterprises (SMEs).
Fastrade allows banks to extend trade finance capabilities, including outgoing guarantees and letters of credit, to their SME clients, while SMEs can interact with all of their banking partners through one channel, using preconfigured workflows to minimise processing time and the risk of human error, which Surecomp says will reduce costs and time-to-market for completing trade transactions.
“With Fastrade, we are applying to the SME market the knowledge and expertise we have gathered over the years in enabling tens of thousands of corporates who already use Surecomp to process trade finance activities directly with their banks,” says Gadi Komet, Surecomp’s executive vice-president of global delivery and operations.
This is the latest in a series of launches by Surecomp, which has benefitted from the uptick in open banking to develop API standard marketplaces to connect banks with clients. In 2019, Surecomp released two innovations: APIsure, an open API platform which enables its clients to easily adopt third-party trade finance services and fintech solutions, and SureStore, an online app store for trade finance-focused fintech solutions, while last month saw it release a new fintech marketplace, which offers a web-based platform providing single point access to other innovative solutions within the wider trade finance ecosystem.