Demand for digitalisation at all time high
Admin I Thursday, Jan. 11, 2024
LONDON, UK – Finverity, the trade and supply chain finance digital ecosystem, today announced a strategic partnership with Tesselate Group, a leading provider of adaptable and scalable business systems.
The collaboration enables many more banks and NBFIs to fully digitalise their operations using Finverity’s technology, FinverityOS, while managing all working capital and supply chain finance products on a single operating system.
Tesselate’s breadth of banking relationships and interoperability combines with Finverity’s cutting edge technology to create a truly industry-leading solution that can be seamlessly integrated.
Digitalising trade and SCF (supply chain finance) operations promotes innovation, allowing banks and NBFIs to increase revenue streams from new and existing clients and streamline operational processes. The partnership comes at an opportune moment for supply chain finance and for banks, as demand for this technology has never been higher.
According to BCR’s World Supply Chain Report 2023, global supply chain finance volumes have grown 21% year-on-year. At the same time, the trade finance gap – the difference between requests and approvals for financing – has expanded 50% in just two years to $2.5tn. But in spite of the obvious demand and need for supply chain finance, a clear majority of banks do not have a platform. Many rely on manual, outdated and even paper-based systems that have changed little since the 1980s.
By combining Finverity’s technology and expertise in working capital and supply chain finance products with Tesselate Group’s adaptable business systems, and interoperability layer Hive.t, new systems that would typically take months to deploy can be deployed in as little as 30 days.
Better equipping banks and NBFIs with a robust and adaptable system in this way enables them to navigate the triple threat of rising interest rates, inflation and geopolitical uncertainty.
“We are excited to collaborate with Finverity to provide businesses with a transformative solution for working capital management,” said Said Guida, Managing Partner at Tesselate Group. “This collaboration not only enhances operational efficiency, but also empowers businesses to diversify their product offerings and drive revenue growth.”
“Speed to market and time of implementation have become key decision-making factors for banks when choosing a technology partner. Finverity’s solution in collaboration with Tesselate allows banks and NBFIs to access fully integrated, world-class SCF solutions in record time. We are incredibly excited for what’s ahead!” said Alex Fenechiu, COO & Co-founder, Finverity.
