Trade finance solution provider Surecomp has accepted DZ Bank as the first bank subscriber for its newly launched RIVO platform for collaborative trade finance, while a Nordic guarantee insurance firm has also signed on to the initiative, according to a company press release Thursday (June 23) .
RIVO, which debuted in May, is an application programming interface (API) -based trade finance platform designed to create a collaborative ecosystem of corporates, financial institutions (FIs) and FinTechs. Both companies plan to integrate RIVO via APIs into their back-office systems, the release stated.
Frankfurt-based DZ Bank, which also acts as a central hub to 850 member banks, will invite its corporate clients to communicate through the RIVO platform for streamlined processing of thousands of trade finance transactions, according to the release. The bank manages international trade finance processing requests from its Hong Kong branch, and it will improve customer service and process efficiency through the Surecomp platform.
The Nordic insurer will optimize its digital customer experience with same-day issuance of guarantee bonds, the release stated.
“[RIVO] meets our need to centralize and digitize our corporate communication channel, ”said DZ Bank Head of Documentary Trade Thomas Arendt in the release. “It will transform the efficiency of our customer service …”
Surecomp Senior Vice President of Strategy, Digitization and Business Development Enno-Burghard Weitzel said in the release that RIVO is about “fostering collaboration.”
RIVO enables collaboration between corporates and FIs for “centralized visibility of credit lines and utilization across multiple jurisdictions,” Surecomp said in May. Surecomp President and CEO Guy Perry said RIVO was developed in cooperation with big banks, FIs and corporates, which will continue working with the company to ensure RIVO remains aligned to market needs.
Read more: Surecomp Launches API Trade Finance Platform
RIVO was built to speed up the issuance and monitoring of all trade finance instruments, enabling the time-critical trade finance transactions to be processed within hours.