Where will the trade winds blow?
For the trade finance industry to experience the same kind of cost-efficiencies as the payments and securities industries, banks must embrace a better way to service customers’ needs, or a non-bank competitor will! If trade processes become more efficient, the client will be able to release more capital. Currently, the industry is hampered by paper-based processing and lack of integration and it won’t be until internet initiatives, the close relationship between the physical and financial supply chains, and flexible financing solutions combine that banks will be able to meet the challenges of their customers’ needs. Then truly it will be the time for trade.
