The collaboration aims to digitalise the operations of many banks and NBFIs using Finverity's technology, FinverityOS, which manages all working capital and supply chain finance products on a single operating system.
This partnership between Finverity partners with Tesselate Group is set to allow banks and NBFIs to increase revenue streams from new and existing clients and modernise operational processes. By combining Finverity's technology and expertise with Tesselate Group's adaptable business systems, new systems can be deployed in less than 30 days. This will equip banks and NBFIs with an adaptable system to navigate rising interest rates, inflation, and geopolitical uncertainty.
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 has expanded 50% in just two years to USD 2.5 trillion. However, despite the growing demand and need for supply chain finance, many banks still rely on manual and paper-based systems that have changed little. Previously, in September 2023, the company expanded FinverityOS to cover seven products. This offering has been specifically designed to meet the needs of local and regional banks and NBFI globally, enabling them to fully digitalise their operation and manage all their working capital and supply chain finance products on one operating system.
Regarding this official announcement, Finverity stated that this collaboration will improve operational efficiency, allowing businesses to diversify their product offerings and drive revenue growth. Moreover, it aims to provide businesses with a transformative solution for working capital management.
Finverity is a mid-market supply chain finance platform focused on emerging markets, and FIMBank, providing trade finance, factoring, and forfeiting solutions. Moreover, the Finverity digital ecosystem provides the technology, working capital and expertise to make trade and supply chain finance (SCF) work for businesses, banks, and NBFIs.
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