FIs Turn To FinTechs To Elevate Trade Finance

While the bank-FinTech collaborative paradigm can enhance a wide array of solutions for corporate and small business end users, this week’s look at the latest tie-ups shows a rising interest in strengthening trade finance. Financial institutions (FIs) like Barclays and Danske Bank are turning to third-party partners to mitigate risk and connect more businesses with financing to fuel global trade.

Plaid, Jack Henry Strike Bank Data Partnership

In its efforts to expand Plaid Exchange, FinTech Plaid is partnering with Jack Henry & Associates to bring the offering to more financial institutions. Plaid Exchange was designed “to make open finance as simple as possible for financial institutions,” according to Plaid’s Head of Product Niko Karvounis in a statement. Working with Jack Henry allows Plaid to broaden its reach to allow more FIs, including regional and community banks, to integrate directly with third-party apps and platforms to facilitate data connectivity.

Payoneer Loops Into The Business Bank Account

For U.K.-based businesses, payments technology company Payoneer is deploying open banking technology and enabling firms to fulfill payment requests directly from bank accounts. Businesses using Payoneer do not have to leave the interface to initiate a bank transfer. Payoneer said in its announcement that it is working with TrueLayer to power the open banking connectivity, and plans to expand the offering to more markets moving forward.

Penta Marries Accounting With Banking

In a new collaboration, business banking technology provider Penta is bridging the gap between corporate accounting and banking. The company recently announced that it is an official partner of the DATEV marketplace, and is now able to integrate the DATEVconnect online interface. For Penta’s business customers, this means a closer integration of accounting and banking data, allowing businesses to attach receipts directly to bank transactions for streamlined reconciliation. The solution aims to streamline preparatory accounting workflows, the companies noted.

Monit Releases New SMB Features For Banks

Targeting smaller financial institutions, Monit has unleashed new features of its predictive financial platform for small businesses, which aim to allow community banks and credit unions to elevate their offerings to their own SMB customers and compete with so-called “mega banks.” In a statement, Monit CEO and Co-founder Steve Dow said it is vital for smaller FIs to be able to connect small businesses to key services like accounting tools, and layer on top capabilities like predictive analytics. The company’s new features for banks include a holistic view of their small business customer portfolio, the ability to target SMB clients based on specific needs and a proactive alert service to help FIs deliver services to small businesses based on those needs.

DBS Taps KD Logistics To Power SMB Solution

Singapore’s DBS recently announced that it has become the first bank to partner with supply chain and logistics technology firm JD Logistics in an effort to develop a supply chain financing solution for small businesses across Hong Kong. Designed to meet growing demand in the cross-border eCommerce import business, DBS’ new offering will connect SMB importers working with JD.com to supply chain financing, with JD Logistics integrating DBS’ services into its own blockchain-based platform via API. The companies noted that their integration supports real-time data exchange and a seamless digital experience for SMBs.

Barclays Collabs On Trade Finance Platform

Also focusing on the trade finance arena is Barclays Corporate Banking, which recently announced its partnership with CGI to debut a new platform for its business customers. Barclays said it will integrate CGI’s Trade360 portal that enhances supply chain visibility and enables working capital optimization for business end users. The bank also noted that it is facilitating real-time data integration to strengthen the customer experience.

Danske Bank, Windward Team On Trade Finance

Yet another financial institution turning to a third-party partner for trade finance optimization is Danske Bank, which is collaborating with Windward to enhance its maritime trade finance offering through enhanced risk mitigation and compliance controls. Danske Bank, based in Denmark, is deploying Windward’s artificial intelligence and predictive analytics technologies to combat financial crime in maritime trade and to securely facilitate trade finance to the sector.