Finastra and CredAble have partnered to enable banks to offer their corporate clients supply chain finance solutions.

In this collaboration, CredAble’s supply chain finance platform has been integrated with the Finastra Trade Innovation trade services platform, the companies said in a Tuesday (July 23) press release.

“By combining our AI-powered supply chain finance platform with Finastra’s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide,” Satyam Agrawal, global head of product and retail business lending, MD ASEAN and ME at CredAble, said in the release.

CredAble’s working capital platform enables banks to provide a wide range of supply chain financing solutions, serve both enterprises and small and medium-sized businesses (SMBs), and unlock new revenue opportunities, according to the release.

The Finastra Trade Innovation platform helps banks grow and evolve to meet the demands of compliance, customers and the competitive environment by using straight-through processing, digitalization and data analytics, the release said.

Together, the companies will provide an enhanced, end-to-end offering for trade and supply chain finance to banks around the world, per the release.

“The partnership ensures institutions can continue to innovate at speed, decrease time to value and utilize data for decision making across the whole of their working capital and supply chain finance portfolio, ultimately supporting increased growth for both their business and that of their customers,” Anastasia McAlpine, head of product management for trade and supply chain finance at Finastra, said in the release.

In another collaboration, Finastra said in September 2023 that it launched a trade finance partnership with Microsoft. That collaboration combines the Finastra Trade Innovation platform with a “full microservices architecture” using Microsoft Azure, enabling financial institutions to meet the needs of their corporate customers.

Trade finance is evolving from simple, often singular, financial instruments to ecosystem-based offerings that cater to the complete customer journey and include trade loans, discounting loans and supply chain finance, as well as services like letters of credit, performance guarantees and documentary collections, PYMNTS reported in January.

This change is inspiring banks to innovate their offerings via the use of digitization, automation and the integration of emerging technologies that can enable faster decision-making and make global trade more efficient and transparent.

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