Trio of banks offers online trade finance

Trade finance processing is an arduous, time consuming, and paper intensive process for both the financing bank and company. A new venture headed by three banks may just lighten the load.

Australian and New Zealand Banking Group Ltd ANZ, Barclays Plc and the Bank of Montreal have agreed to form a new venture that will take their existing trade finance services online. In addition, the new venture will target third party banks globally that wish to outsource their trade finance processing.

The new venture proposes two models. Under the first model, the importer will use their bank's existing technology to initiate the process, with which the venture's system will interface. Under the second, and venture-preferred model, companies will be able to initiate the trade finance process themselves via the internet using software provided by US based American Management Systems. Using this software, companies will...

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