Seven banks say they will introduce digital trade finance network
D.C. bureau chief
Seven banks say they are entering a partnership to digitize trade and supply chain finance. ANZ, Banco Santander, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered say the network will let companies "easily and securely communicate trade information directly with banks." The network will be introduced at the Sibos conference in Sydney and will be built by technology firm CGI Group GIB, -0.02% In addition to the founding banks, the firms say more than 20 additional banks are participating in developing the network, and several corporates have already expressed an interest in participating in pilots.
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