GlobalTrade Corporation has revealed it is developing a Trade Finance Exchange solution in conjunction with Credit Agricole CIB, HSBC and Standard Chartered.

The concept is that global corporates can request quotes for their trade financing needs from multiple banks. The unique selling point is that Global Trade has an existing solution used by large corporates to manage their trade finance so that it can offer tight integration.

The project does not use blockchain but could challenge some of the blockchain trade finance initiatives. For example, there are two Letter of Credit blockchain initiatives. Komgo focuses on commodities, and there’s a Letter fo Credit blockchain consortium formerly called Voltron. Marco Polo is initially more focused on open account trade finance and supply chain but provides the ability to choose a bank from within the ERP system. Global Trade is working with three corporates – Baker Hughes, Lindner Group and Siemens AG – to ensure it meets their needs.

Meanwhile, the banks are keen to participate as well. Notably, when Standard Chartered recently made an announcement which listed its blockchain activities, it omitted Marco Polo where it has been a member from the early days. However, it mentioned its involvement in the Letter of Credit blockchain project formerly known as Voltron, where HSBC is also a participant.