The majority of the work being done in the digital trade finance space is focused on digitizing letters of credit. For example, earlier this year Finnish technology group Wärtsilä participated in a co-creation project aimed at digitizing the export letter of credit process with SEB as the advising bank.
Handling letters of credit requires human input to ensure proper interpretation of terminology and the detection of discrepancies as it is all about releasing payment and mitigating the risks associated with it observes Wärtsilä’s corporate treasurer, Jarmo Nurmi.
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