BBVA has announced the incorporation of Surecomp’s RIVO into its digital offering, aiming to drive trade finance transformation and development.
Following this announcement, the new digital channel is expected to strengthen BBVA’s international trade proposition, providing optimised efficiency, traceability, and operational security for its corporate clients.
RIVO, Surecomp’s multi-bank platform, is also aimed at optimising the manner in which companies streamline their trade finance transaction processing, gain real-time ecosystem connectivity, and improve service delivery. By joining RIVO, BBVA is set to add this multi-bank platform to its suite of international trade finance solutions, giving businesses the possibility to submit applications for the issuance of letters of credit and guarantees entirely online, while also centralising their interactions with multiple banks through a single portal in order to benefit from an optomised agility, traceability, and security in their international operations.
Fostering interoperability and connectivity through digital offerings
According to the official press release, this initiative represents a part of BBVA’s strategy to develop and offer a range of initiatives that foster interoperability and connectivity. Among these is the process of developing a more open and efficient infrastructure to connect clients via APIs, such as the potential guarantees management pilot through the use of Swift’s Gateway, in which Surecomp is also participating.
In addition, BBVA will continue to focus on digitalisation, which represents a process that is not just about adopting new technologies, but aims to improve the way companies engage with their clients as well. With this in mind, this initiative is set to strengthen the firm’s value proposition, which was built on combining knowledge and technology in order to support companies in their international growth in a flexible and secure manner.
Furthermore, through this partnership, BBVA CIB is expected to further develop the digital transformation of its trade finance business and its role as a strategic and trusted partner for institutions expanding across the globe. At the same time, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
