TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for banks to measure and verify environmental, social and governance (ESG) performance across trade transactions.
The TradeSun platform offers real-time compliance, covering trade-based money laundering (TBML), dual use goods, fair price, vessel tracking and sanctions while Coriolis aggregates global trade data from unique and secure sources to offer real-time insight into global ESG efforts.
Scope and compatibility
The combined solution enables TradeSun customers to leverage Coriolis’ ESG Tracker, an independent ratings-based platform developed with more than 50 financial institutions, to score, monitor, and verify their trade finance transactions and activities against the 17 UN-defined sustainable development goals (SDGs).
Banks can also view ratings against domestic and international regulatory frameworks such as the EU taxonomy regulation, a classification system for establishing a list of environmentally sustainable economic activities, and the US sustainability accounting standards board regulations.
Integrated data partners
Customers of TradeSun will be able to use Coriolis’ ESG Tracker in tandem with its growing links with other integrated data partners.
In February, TradeSun partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an integrated trade solution that enhances financial crime due diligence and digital compliance processes (Trade-based Financial Crime, 28 February 2022). Other TradeSun partners include digital trade finance network, Contour, and global ship tracking intelligence provider, Marine Traffic.
In April, TradeSun launched a real-time offering to detect and intercept financial transactions involving dual-use goods from Russia and Belarus, as well as vessels entering sanctioned areas amid the Russia-Ukraine crisis (Trade-based Financial Crime, 29 April 2022).
Categories: Trade Based Financial crimes News
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