Seven banks are building an inclusive, global, multi-bank, multi-corporate network called Trade Information Network that allows corporates to share purchase order and invoice information with their trade finance banks for pre-export financing.
ANZ, Banco Santander, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered have unveiled TIN, which is expected to be operating under a new corporate entity by the end of the year. The pilot phase will go live in the first quarter of 2019 with founding banks and select corporates, before it is extended in the second quarter to other banks and corporates.
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