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Surecomp brings Open Banking to trade finance

Surecomp brings Open Banking to trade finance

Trade finance technology supplier Surecomp has released a set of API interfaces and a sandbox testing environment for banks and third party developers, as the spread of Covid-19 disrupts traditional paper-handling processes.

Surecomp says the APIsure service is already being used by some of the largest banks in Europe for real-time processing of their bank guarantees and letters of credit. For existing customers, it can now be trialed, free of charge, in an API sandbox for a limited time period.

The release coincides with a global movement towards digital transactions in global trade during the Coronavirus pandemic. The International Chamber of Commerce this month called on Governments and central banks the world over to nullify any rules inhibiting the use of paperless trading, in order to mitigate the disruptive impact of Covid-19 on trade finance transactions.

“With world-leading banks already onboard, we are confident our open banking architecture is a game-changer for trade finance processing,” explains Tsafrir Attar, VP digitization at Surecomp. “By providing our customers with the opportunity to trial API connectivity within the safety of the sandbox environment, we are proud to set the standard for real-time paperless connectivity.”

Alongside the API management system and sandbox. APIsure also includes a developer portal where partners can develop apps and services. Current APIs enable productivity and efficiency as well as data analysis and visualization services. Future developments in the pipeline include risk management, Robotic Process Automation (RPA), Know Your Customer (KYC) functionality and compliance, says Attar.

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