Surecomp, a provider of trade finance systems to banks and corporates, has launched what it calls a collaborative trade finance platform in an effort to bring together an ecosystem of corporates, financial institutions and fintechs.

Rivo, which is now live, is set up as a digital hub that provides open API access to importers, exporters, banks, insurers, shipping companies and solution providers.

Surecomp says that using the platform, corporates can collaborate with any financial institution for centralised visibility of credit lines and utilisation across multiple jurisdictions, while financiers can accelerate the issuance and monitoring of trade finance instruments such as letters of credit and guarantees. Meanwhile, fintechs offering services like transaction-based ESG scoring can also connect to the ecosystem.

The Rivo platform includes the integration of the Global Legal Entity Identifier (LEI) Index, which stems from a partnership between Surecomp and the foundation behind the LEI from March this year, and Swedish fintech Enigio’s trace:original digital trade finance documentation product.

This release from Surecomp is the latest in a series of pushes from numerous industry players to stitch together the patchwork of disparate digital trade and trade finance solutions that have emerged over the past few years. Recent moves include that by trade finance network Contour to link up with supply chain platform TradeLens, which in turn has connected to fellow electronic bill of lading provider Bolero’s Galileo platform. This was followed last month by news that metals and mining blockchain platform MineHub had connected with Japan’s TradeWaltz, a national trade process digitisation initiative.

With Rivo, Surecomp hopes to create something of a one-stop shop for the digitalisation of global trade, which faces barriers to adoption in some part due to the disjointed array of solutions that are available.

“The platform was designed in full cooperation with industry-leading banks, corporates and other financial institutions, who will continue working with us to ensure it remains fully aligned to market needs,” says Guy Perry, president and CEO at Surecomp. “We are committed to helping drive seamless and sustainable global trade and feel strongly that Rivo will play an integral role in removing barriers and facilitating collaboration. By bringing everyone together, we hope that the trade finance process will be immeasurably improved, reducing enormous overhead costs for financial institutions while unlocking liquidity and improving visibility for corporates.”