Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to allow users to create an immutable document to guard against fraud and falsification.
The collaboration will also provide users with straight through processing of letters of credit (L/Cs) and guarantees.
Fraud and falsification
An immutable document to guard against fraud and falsification will be created by the two firms by integrating Komgo’s Trakk system with Mitech’s Trac middle-office collateral management system.
Trakk is a blockchain system that allows users to create an immutable document to guard against fraud and falsification. Trac meanwhile will automatically verify the integrity of documents stamped in Komgo’s system and display the result in Trac.
L/Cs and guarantees
Straight through processing of L/Cs and guarantees is achieved by two-way communication between Mitech’s latest back-end trade finance solution, Credoc 5G, and Komgo’s multi-bank portal, Konsole.
Corporate clients will be able to prepare and send their requests to issue L/Cs and guarantees in Konsole, which will channel these requests directly into Credoc 5G.
Categories: Trade Based Financial crimes News
Related Articles
-
US treasury secretary announces international commitment to enhance beneficial ownership transparency
-
FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
-
UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
-
ABA calls on FinCEN to make changes to proposed beneficial ownership rule