SIBOS 2012 – Corporate – Forum
This year, the Corporate Forum, at Sibos, provided practical case studies on the latest developments and challenges facing the trade and supply chain space.
In Osaka, the focus was on best practices for multi-banking in documentary trade finance and on risk mitigation in open account trade.
The integration of trade and supply chain issues within the forum has been a logical development, rewarded by the interest shown by participants since 2010 says André Casterman Head of trade and Supply Chain Finance at SWIFT:
- Banks now see the extension of ‘SWIFT for Corporates’ MT 798 to trade as the next big thing. There are 28 banks adopting SWIFT’s multi-bank standards for Letters of Credit and Demand Guarantees (MT 798), 10 of which are live supporting 12 multinational corporations.
- On the open account side, the ICC Bank Payment Obligation (BPO) initiative as risk mitigation and financing of Open Account trade represents a key priority for corporates including SMEs. Four banks are live on the BPO today whilst 12 other banks are ready for live. This initiative demonstrates how bank led innovation can be delivered at industry level when working with the right organisations, ICC and SWIFT.
Discover more trade-related news from Osaka in SWIFT Sibos wrap-up edition for Trade and Supply Chain.(cf Ito-Yokado he 7Eleven department store operator which is the first Japanese importer to use the BPO, mentioning how the instrument would be an integral part of doing business in Asia: “Exporters want faster payment and less paper”).