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Cross border payments processing represents an area of change, and an opportunity that should be seized in order to support rapidly increasing transaction volumes and business growth. With some entities today still taking many hours to execute payments via email and phone, clearly this needs to be addressed if companies want to take advantage of the growth opportunities and prevent their clients from migrating to other providers.

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Following the launch of the International Chamber of Commerce’s (ICC) Global Survey on Trade Finance, Tsafrir Attar explains why the future is now for the global trade finance industry. Over the last decade, banks have become bigger, more profitable and better capitalized. Though with technological innovation all around us, financial institutions are still lagging behind, particularly in the area of trade finance. However, the impact of COVID-19 on global markets has, and will, change the picture indefinitely and awareness of the need for contactless, mobile-friendly trade finance processing has heightened. So perhaps finally the future of trade finance digitization really is now!

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