TORONTO, April 28, 2020 /PRNewswire/ — Surecomp®, the leading provider of global trade finance solutions for banks and corporates, today announced the opening of its Application Programming Interfaces (API) architecture to customers in a sandbox testing environment, setting the new open banking standard in the digitization of trade finance processing and connectivity.
The APIsure service which is available to banks across the globe, is already being used by some of the largest banks in Europe for real-time processing of their bank guarantees and letters of credit. For existing customers, it can now be trialed, free of charge, in an API sandbox for a limited time period, to highlight the importance of digitized trade finance in the age of COVID-19.
As a recognized industry pioneer, Surecomp was asked by major banks to lead the journey towards digital, open banking trade finance. Designed in full cooperation with the banks, APIsure ensures the highest standard of security, compliance, scalability, monitoring and transparency. It offers flexible and agile back-office connectivity, alongside an API management system (APM) and API sandbox. APIsure also includes a developer portal where partners can develop apps and services. Current APIs enable productivity and efficiency as well as data analysis and visualization services. Future developments include advanced risk management, Robotic Process Automation (RPA), Know Your Customer (KYC) functionality and compliance.
As a long-standing Surecomp customer across multiple geographies, one of the largest banks in Europe has been the first to go live with an API to Conpend, one of Surecomp’s fintech partners providing trade finance document digitization services. This has significantly enhanced the efficiency of their operations while breaking down legacy barriers, improving the time-to-market of trade finance services to its customers and reducing the risk exposure of paper-based transactions.
“With world-leading banks already onboard, we are confident our open banking architecture is a game-changer for trade finance processing,” explains Tsafrir Attar, VP Digitization at Surecomp. “By providing our customers with the opportunity to trial API connectivity within the safety of the sandbox environment, we are proud to set the standard for real-time paperless connectivity and in turn promote enhanced growth, efficiency, customer satisfaction and collaboration for banks, corporates and fintech companies across the trade finance ecosystem.”