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Underpinning successful global trade is the successful and timely issuance of bank guarantees. Unfortunately, this is often hindered by an inefficient, decentralized application process, inaccurate data being sent back and forth via email between multiple parties, which results in multiple amendments, a risk of fraud and delayed approvals. So, what does trade finance efficiency look like and how can technology help connect all parties to support process efficiency and collaboration across the trade finance ecosystem?

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Change in the corporate world is never an overnight process. More than anything, the COVID-19 pandemic has accelerated the need for businesses and leaders to adapt their business models, leadership styles, and key processes. Collaborative trade finance expert, Enno-Burghard Weitzel, senior vice-president of strategy, digitisation and business development at Surecomp and Dr Yorck Schmidt, executive vice president and CFO at Corporate AVL, recently shared with Trade Finance Global what they thought was needed to facilitate effective change management during this period of major transition.

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Trade finance digitalisation has long been hindered by the proliferation of firms and standards, resulting in myriad digital islands. So how can collaboration help to drive greater digitalisation and interoperability in this area?

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Corporates are currently challenged by the inefficient process of managing multiple trade finance partners, which is causing supply chain delays, increasing fraud risks, and hampering growth. Technology can drive efficiency but there is still work to be done. Trade Finance Global recently moderated a session at the Finanzsymposium in Mannheim where it asked experts, including Surecomp's Enno-Burghard Weitzel whether it also has a role to play in streamlining how trade finance applications are handled to help unlock more trade finance liquidity.

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