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Wema Bank taps Kachasi Trade Finance to improve efficiency via automation Wema Bank has gone live on Kachasi Trade Finance Software to enable the achievement of full automation of trade finance operations. Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. The market share is expected to increase by $12.20 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.38 percent. Kachasi, owned by Union Systems, is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations, and it is the result of over 20 years of experience implementing and customising various international trade finance software applications for banks across Africa. Wema Bank’s journey with the software began in March 2022. As a first of its kind, Kachasi Trade Finance Software comes with intuitive design and functionalities. “We are pleased to be joining the league of banks around the world that re using technology to transform trde finance operations,” Tajudeen Bakare, divisional Head of Operations and General Service, Wema Bank. “This project will significantly reduce turnaround time improve operational efficiency, and unlock new revenue streas for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates.” Read more: https://ngulminthanglhanghal.wordpress.com/2023/01/18/wema-bank-taps-kachasi-trade-finance-to-improve-efficiency-via-automation/ #finance #Africanfinancialinstitutions #Ngulminthang #tradefinance #WemaBank

Accord Financial Unites Middle Market Financing Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies (“Accord”) (TSX: ACD) announced a realignment plan to better support the organization’s continued growth among middle market businesses, uniting all U.S. commercial financing programs under one umbrella. “Middle market companies are and have been a major growth engine for the U.S. economy,” stated Simon Hitzig, President, Accord Financial. “This reorganization will allow us to better support our clients as they face both challenges and opportunities when growing and sustaining their businesses.” Leading the U.S. Commercial team is Jim Hogan. Jim will be responsible for all Accord’s activities that address the U.S. middle market, including equipment finance, asset-based lending and factoring. “I am excited to work with such a strong team of professionals, offering customized financing to middle market companies and furthering Accord’s reputation as smart, flexible financial partners,” stated Hogan, President, U.S. Commercial. Joining Accord in January, Hogan has over 30 years of experience in asset-based lending and restructuring, including 17 years at GE Capital. Read more: https://ngulminthanglhanghal.wordpress.com/2022/11/18/accord-financial-unites-middle-market-financing/ #finance #AccordFinancial #banking #equipmentfinance #Financing #Ngulminthang

Global Trade Management Market Report 2022 As per the latest report, the global trade management market size is expected to demonstrate a shift to USD 1.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.0% from 2021 to 2026. The major factors which are gearing up the trade management market include a surged volume of international trade, rising trend of digitization, legal guidelines, and compliances, to fuel the development of the trade management market worldwide during the forecast period. Services To Develop At A Higher CAGR During The Forecast Period Trade management services are essential to ensure the appropriate incorporation of trade management solutions with the complex network infrastructure established in an organization. Trade management services make sure that various trade solutions execute smoothly over a period by closely monitoring, maintaining, and improving the vital aspects of trade management solutions. It also boosts the international supply chain by automating and organizing trade processes, managing control costs, decreasing the probabilities of penalties and fines, and clearing customs quicker. The determining services for this report include counseling, execution and integration and support as well as maintenance. Read more: https://ngulminthang.weebly.com/news/global-trade-management-market-report-2022 #GlobalTradeManagement #internationaltrade #DigitalizationandIncreasing #supplychain #Ngulminthang #NgulminthangLhanghal

Deutsche Bank splits trade finance leadership across Europe, Asia Jain (pictured), based in Singapore, and Frankfurt-based Resovac take over the role from Daniel Schmand, who earlier this year became global head of institutional cash management and head of corporate bank operations at the German lender. They will report to Stefan Hoops, head of Deutsche’s corporate bank. The bank says the double-headed structure reflects the changes in the trade finance industry in recent years “as technology, geopolitics, the pandemic and technology have rearranged the competitive landscape together with increased levels and complexity of risk”. Jain, who Deutsche describes as “one the bank’s most seasoned trade finance experts” has been with the bank for over two decades, most recently running trade finance and lending for Asia Pacific. Read more: https://ngulminthanglhanghal.wordpress.com/2022/04/29/deutsche-bank-splits-trade-finance-leadership-across-europe-asia/ #NgulminthangLhanghal #finance #Ngulminthang #tradefinance #globaltradefinance #SupplyChain

Surecomp Debuts Duplicate Financing Fraud Prevention Surecomp is launching a new offering that uses advanced cryptographic technology to allow financial institutions (FIs) to lessen the risk of duplicate financing fraud, according to a Tuesday (April 12) press release. The new product features an invoice comparison process that helps to identify whether there is any suspicious activity detected against a specific invoice and ensure that no confidential information leaves the bank, the release says. “We’ve seen a dramatic rise in duplicate trade financing fraud, with billions of dollars being lost and many banks reviewing their appetite for risk which has further impacted the trade finance gap,” Surecomp SVP of Strategy and Business Development Enno-Burghard Weitzel said in the press release. “We believe that an effective fraud prevention solution is a must have for banks to sustain their trade finance business and therefore we’re offering this to all banks free of charge as an industry utility,” he said. Surecomp’s new tool looks for unrecognizable hashed crypto document fingerprints using a global validation database and allows any financier to check and compare trade documents without having to disclose any customer information. It also enhances the visibility of invoice status and promotes industry collaboration through a shared open API-based repository, according to the press release. Read more: https://ngulminthang.weebly.com/news/surecomp-debuts-duplicate-financing-fraud-prevention #SurecompDebuts #duplicatefinancingfraud #financialinstitutions #tradefinancingfraud #Ngulminthang #NgulminthangLhanghal