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Trade Finance

 

Trade finance today is a core business for global banks, insurance companies and other players. Yet, trade finance today is also 10 years behind modern technology – manual and document intensive – and breaks in business cycles inhibit visibility and amplify challenges such as financial crime. Trade finance fraud costs businesses an estimated $14 billion a year impacting corporates across the value chain. In combination with other emerging technologies, such as Artificial Intelligence and the Internet of Things (IoT), blockchain can enable a faster, better and safer performing business. Synechron brings the power of blockchain-based network validation, smart contracts, and digital currency to make the trade finance cycle more efficient and more risk-free by an order of magnitude. It combines three key digital technologies to provide:

  • An easier and more efficient trade-finance experience
  • Reduced risks of trade
  • Contract integrity and reduced fraud by automatic checks for contract terms and-conditions
  • Access to smart contracts using a private, permissioned Ethereum network to gain the benefits of contract verification
  • Option to combine the transaction data with other blockchain networks and emerging technologies

To learn more about our Blockchain solutions for InsurTech and the work we’re doing email us at finlabs@synechron.com

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