Toronto, 11 April 2024 – Surecomp today announced its latest initiative to embrace the new application programming interface (API) SWIFT standards for bank guarantees and standby letters of credit (SBLCs). Developed in collaboration with the International Chamber of Commerce (ICC) in support of the industry’s first API standards to promote structured digital exchange of financial messages, this initiative underscores yet another example of Surecomp’s commitment to helping transform trade finance operations for banks and corporates worldwide.
Surecomp is working closely with several flagship European banks who are actively building their own APIs to support the SWIFT standard for bank guarantee and SBLC processing. Developing the APIs in its collaborative trade finance platform RIVO™ and connecting its back-office solutions DOKA-NG™ and IMEX™, Surecomp assures both corporates and banks will be able to process live transactions by the end of the year. This latest development further reinforces the power of an API-first approach which already allows RIVO customers real-time access to digital trade document exchange and verification, maritime risk and compliance monitoring, contract management, and ERP connectivity.
“As the digital trade finance landscape continues to rapidly evolve, banks are under ever-increasing pressure to deliver a faster and more efficient customer service,” explains Enno-Burghard Weitzel, Surecomp’s Chief Solutions Officer. “The need for interoperable solutions is paramount to streamline processes, reduce operational risks and improve trade finance transparency. By integrating the ICC and SWIFT’s latest standards into our solution suite, we are enabling banks and corporates to seamlessly connect with their counterparties, streamline workflows and enhance customer experience.”
