industry

Transaction Banking

Today, Tomorrow and the Future

The core of any bank active in Trade Finance as well as a main set of solutions for corporates active in International Trade. Although TradeWiz staff is actively involved in discussions and first steps in the area of BlockChain and DLT technology for Trade, the current suite of Transaction Banking Products will remain relevant for years to come. Hence TradeWiz has set out to accommodate these products on their Tr8Star core platform.

Roadmap

The current RoadMap (as per Q1 2019) can be defined as:

  • Bank Guarantees

    This has been prioritised because of the upcoming SWIFT changes to the Guarantee messages. The more structured approach (e.g. the MT760 message redesign) in combination with other changes, will once again prove the agility of the Tr8Star platform which has been designed to add modules if and when needed.

  • Letters of credit

    Once the Bank Guarantee module (including Stand by Letters of Credit) has been implemented, the next module will be all about the Traditional Letter of Credit. This still widely used product will continue to remain a secure and proven Trade Finance solution for years to come.

  • Collections

    The Launch of the Collection module will be scheduled once the Letter of Credit Module is up and running, given the limited flows and complexity of Documentary Collections, this will be a minor release on the Tr8Star platform.

  • BlockChain and Distributed Ledger Technology

    TradeWIz staff is closely monitoring the developments in this exciting area, should any POC initiative mature to a commercial viable solution with (potential) market adoption potential, TradeWiz will be applying their expertise and solution accordingly. The Tr8Star architecture is constructed in such a way that it can be easily replicated as a (CORDA) App or any other type of DLT tooling.