target audience: TECH BUYER Publication date: Jun 2023 - Document type: IDC MarketScape - Doc Document number: # US49436622
IDC MarketScape: Worldwide Trade Finance Systems 2023 Vendor Assessment
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Abstract
This IDC MarketScape presents the 2022-2023 assessment of 11 vendors that provide trade finance solutions to the corporate banking sector. This research is a quantitative and qualitative assessment of different solutions' features, along with other characteristics that define vendors' ability to support trade finance activities, streamline the bank and corporate operations, and facilitate interactions with the ecosystem. The evaluation is based on a standardized and comprehensive framework and a set of parameters identified to be the most conducive to success in providing trade finance services in the short and long term. Evaluation also considers features to support risk management and ESG evaluations as well as the ability to address emerging needs in a challenging and fast-evolving market, in times of uncertainty.
"The core underlying needs of trade finance remain the same over the time; nonetheless, the importance of ecosystem interactions, the propagation of risks in times of uncertainties, and the evolution of regulations and best practices are factors that require trade finance solutions to adopt wider perspectives and support businesses with a more holistic picture. Digitalization and democratization are also boosting the adoption of innovation, enabling players to have streamlined operations and a real-time view of the trade finance and trade business activities as well as corporate banks and their corporate customers to promptly make informed decisions," said Maria Adele Di Comite, research director, IDC Financial Insights.