I have four wickedly smart kids. Do you know what’s been on their minds lately? The global supply chain.
...Not only when it’s in the news like when a ship gets stuck in the Suez Canal and delays world shipments, but also when they discuss social justice, climate change, geo-political tensions, and yes, even during our Taylor Swift discussions, “the logistics planning and effort to ensure one stage is shipped in time to set up while the other is in use, let alone the merch, supplies, and instruments, not to mention the equity focus, economic benefits, and social impact is something that needs to be replicated!”. This was a perfect opening to discuss our work to digitize trade finance because efficiency, speed, repeatability, equity, social justice, and economic benefits are all at the center of it.
Digitizing trade finance (I said to my kids) is not an emerging trend, but a front-and-center transformation effort being worked across industry players: banks, corporates, suppliers, logistics providers, supply chain leaders, you name it. This is a difficult challenge since the end-to-end flow involves many players, many countries, many regulations, and as a result the cost (and risk) is high. Trade Finance is highly manual for many reasons (one being is that if you make a mistake, losing your job might seem trivial in comparison to threat of jail time!).
As a result, a handful of ISVs have emerged and are starting to offer innovative approaches to these problems. These innovative approaches are good, because if we have all learned one thing, is that no single company can transform trade finance on their own. But that brings another problem: integrating these multiple ISVs and delivering them into production at large financial institutions is very difficult with challenges ranging from compliance (at the trade finance level and cloud level), security, automation, integration, and so much more.
This brings me to the topic of our session: IBM is leveraging IBM Cloud and key trade finance ISVs like Marco Polo and has created a Trade Finance platform that brings together these innovative ISVs to provide faster time to production for banks, corporates, and their suppliers.
This approach is unique because this platform allows banks to scale, to take advantage of a continuous flow of innovation from these top ISVs, but also provides robust technical compliance by running on IBM Cloud…harnessing security and compliance controls that can provide technical evidence of compliance. In addition, IBM’s deep experience in integration and automation make the time to production far faster.
In this session, we will dive into the technical, operational, and business architecture crafted to process digital transactions across banks, corporate buyers, and suppliers. We will also hear from Marco Polo on their experience with this journey.
Can’t wait to see you there!
Session ID: 5061
Thursday 9:15-10:15, Room 106
Make sure you register: TechXchange Conference from Sept 11-Sept 14th in Las Vegas.