Open account trade "desperate" for standardisation

BNY Mellon global trade product head Michael McDonough says open account trade needs a standard format, but Swift’s TSU may not be it.

Ask Mike McDonough, head of global trade product management at BNY Mellon, what he thinks is important to trade finance customers today and he will tell you two things price and simplicity.

“As long as they can get done what they need to get done at the cost level that they find comfortable, I think, even if I did it with carrier pigeons, they’d be OK,” he said with a chuckle during a recent trip to Hong Kong.

While carrier pigeons are not about to experience a comeback, open account trade finance the dominant form of payment today is at a crossroads. With more than 10 providers and formats available...

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