Trade finance solution provider Surecomp is launching an application programming interface (API)-based trade finance platform designed to create a collaborative ecosystem of corporates, financial institutions and FinTechs.

Called RIVO, the platform enables collaboration between corporates and financial institutions for “centralized visibility of credit lines and utilization across multiple jurisdictions,” according to a press release Wednesday (May 18).

Surecomp President and CEO Guy Perry said RIVO was developed in cooperation with some of the biggest banks, financial institutions and corporates, “who will continue working with us to ensure it remains fully aligned to market needs.”

He added that RIVO will play an important part in driving Surecomp’s commitment to sustainable global trade while also “removing barriers and facilitating collaboration.”

“By bringing everyone together, we hope that the trade finance process will be immeasurably improved, reducing enormous overhead costs for financial institutions while unlocking liquidity and improving visibility for corporates,” Perry said.

RIVO was built to speed up the issuance and monitoring of all trade finance instruments, according to the press release. The solution also enables the time-critical trade finance transactions to be processed within hours.

Founded in 1987 and headquartered in Toronto, Canada, Surecomp provides cloud-based trade finance software and solutions to banks and corporations. The company said its digital hub helps users speed up the processing of any trade finance application.

The company’s eight offices are located in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv and Singapore. Surecomp also partners with customers in more than 80 countries.

Last month, Surecomp introduced a fraud prevention utility for the industry that uses the latest cryptographic technology to reduce the risk of duplicate financing fraud.

Surecomp SVP of Strategy and Business Development Enno-Burghard Weitzel said there’s been a spike in duplicate trade financing fraud, “with billions of dollars being lost.”

Originally Posted: https://www.pymnts.com/technology/2022/surecomp-launches-api-trade-finance-platform/

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