Coriolis and Intix form trade finance data alliance

Source: Coriolis

Coriolis Technologies, the world’s leading source of data and analytics as a service for trade professionals, has today announced a partnership with INTIX, to provide banks with unprecedented insight on global trade flows and finance data.

Through the partnership, Coriolis and INTIX have developed technologies that facilitate the timely and simultaneous processing of heterogeneous data sets, overlaid with insights on geo-political, credit and financial risk; as well as how these risks change across the supply chain of a given transaction.

In order to feed the machine learning-based trade analytics offered by Coriolis, INTIX deploys data capture technology within banks’ internal systems, with no impact on a bank’s back-office BAU. Combining Coriolis and INTIX’s technologies allows mitigation of the differences in bank’s internal data, simultaneously processing both granular transaction details and aggregated trade data.

The outcome for banks is an end-to-end picture of values, volumes, risks and benchmark performance for investors, banks, credit insurance, corporates, and even governments.

Dr Rebecca Harding, CEO, Coriolis Technologies, said:
“Collecting and collating data has historically proved difficult because of the multitude of data types to consider and because each bank has different ways of recording flows, the taxonomies differ and the time frames are not necessarily aligned.

“By integrating banks’ internal data with data from external sources such as EuroStat, OECD, WTO and the United Nations, Coriolis and INTIX are able to assist banks’ trade finance teams in keeping a pulse on the market and identifying business development opportunities at global level.”

André Casterman, Chair Fintech Committee at ITFA and CMO at INTIX, said:
“Never has trade been a greater focus of global attention. Its role as a driver of economic growth is increasingly being usurped by its strategic role in furthering national agendas. Until very recently trade was seen as a benign mechanism for promoting global economic growth.

“Through this partnership, our technology allows data and analytics to be connected in unique ways to derive a clear picture of what is happening in the world now. It allows trade originators to understand precisely where the risks and the opportunities are around the world in politics, in economics and in reputation.

“The future of trade truly is data.”

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