Trade finance: Clients prove slow to embrace digital
Although banks like talking about bringing digital services to trade finance, a surprisingly low proportion of the 7,000-plus participants in Euromoney’s annual trade finance survey are actually using the technology.
Swift’s MT798 gained the highest response rate, with 28% of respondents saying they use the product. Meanwhile, the Bank Payment Obligation (BPO) recorded 23%, and electronic bills of lading saw 20%. Blockchain recorded the lowest take up of all, with just 6% stating they have used the technology.
Swift is responsible for much of the push towards change in trade finance, being behind both the MT798 and the BPO.