Alliance links trade partners

Last year 14 banks from around the world, including Standard Bank, launched a digital platform which aims to link up cross-border trading partners.

Called the Trade Club Alliance, the platform uses machine learning to link up businesses involved in international trade.

The platform provides relevant market information to importers and exporters such as rules on regulations, trade tariffs, currency analysis, market trends and shipping requirements. Businesses are able to get advice on financial products from any one of the alliance banks on the platform.

The brainchild of international commercial bank

Santander, the platform was initially established to connect European businesses with those in Latin America but has since been rolled out globally. The platform, which essentially acts as a digital ecosystem, has ambitious goals to host more than 1-million businesses by 2022, creating a network for customers of the member banks to trade in areas such as Africa and Asia.

It uses machine learning and cloud-based services coupled with social networking capabilities, comprehensive content and corporate banking advisory services. It accelerates the exchange of goods and services by uncovering ideal trade partnership opportunities and simplifies the transaction process. Member banks are able to offer expert advice at all stages of the importing and exporting process as well as financing alternatives.

The Trade Club Alliance aims to ensure that by 2022 more than 90% of global trade corridors will be covered by the platform. Partner banks are responsible for vetting businesses before they become members to ensure every business is trustworthy and reputable. They are responsible for identifying and facilitating opportunities and co-ordinating trade missions on the ground.

Standard Bank joined in 2019. Vinod Madhavan, head of trade at Standard Bank Group, says the bank’s membership has the potential to add value. “This collaboration will provide our clients with access to international markets, which in turn will realise their export and growth ambitions,” he says. “It’s about putting buyers and sellers together safe in the knowledge the respective banking partners can vouch for each party.”