African Export and Import Bank (Afreximbank) has now established partnerships in its African Trade Facilitation Programme (AFTRAF) with over 80% of Africa’s commercial banks, according to the executive vice president of the Intra-African Trade Bank (IATB), Kanayo Awani.

Digital trade finance platform Contour has announced its closure, citing insufficient funding from its bank shareholders. Operations will cease on November 30, leaving users a brief window to complete transactions and download essential data.

International trade is vital to the growth of income and the country’s economy. It is, however, not possible to carry out any trade devoid of any risks.

Lloyds Bank has introduced a digital solution, which enables clients to obtain Direct Guarantees or Standby Letters of Credit, thereby enhancing the efficiency, safety, and security of their trading activities. … read more →

With the passing of the UK’s Electronic Trade Documents Act (ETDA), the digital trade world is changing. While this is welcomed news for the entire industry, it also means that new partnerships and innovations need to come to fruition.

For ages, correspondent banking has played a vital role in the global payments system. Through correspondent banking relationships, banks gain access to a diverse range of financial products across various jurisdictions enabling them to offer cross-border payment solutions and services to their customers. 

ICC and Swift, the global leader in secure financial messaging services, have unveiled the first application programming interface (API) industry standards for bank guarantees and standby letters of credit. The… read more →

Lloyds Bank has initiated a strategic trade collaboration with UBS to bolster its global presence, aiding its UK-centric clientele to conduct business across 170 nations globally. Through this pact, the… read more →

The Electronic Trade Documents Bill has today received Royal Assent, and is officially an act of law (the Electronic Trade Documents Act), promising to transform the way international trade is conducted electronically.

In the geographically dispersed world of international trade finance, efficient communication is crucial. 

This is why the Society for Worldwide Interbank Financial Telecommunication – better known as SWIFT – created its messaging types, which have long served as a means for banks around the globe to communicate and facilitate transactions.