ING Automates Documentary Trade

ING Bank has a strong reputation as a trade finance bank, as well as an innovator. Given this, it was a matter of time before the bank cracked one of the most intractable concerns preventing the full digitalisation of trade finance: the fact the documentary evidencing of the underlying trade (including bills of lading and letters of credit) remained paper based. Supply chains often involved countries and companies with sub-optimal connectivity that rely on paper-based documents being physically posted to the bank for manual checking. The checking is usually undertaken at a service centre, often in a third country: all of which generates delays as well as raises concerns over human errors and – in the worst-case scenarios – illegality...

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