Seven banks — HSBC, Banco Santander, ANZ, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered — have signed a Memorandum of Understanding (MoU) to develop a global digital network for trade finance, dubbed the Trade Information Network.
It will allow banks to offer cheaper funding for corporates by reducing the risk of fraudulent trade information, according to Rogier Schulpen, global head of trade and working solutions at Banco Santander, cited by Reuters.
Read more .. Source: businessinsider