Finverity, known for its trade and supply chain finance digital ecosystem, has revealed a partnership with Tesselate Group, that aims to facilitate the comprehensive digitalisation of banks and NBFIs’ operations.
This collaboration will use Finverity’s cutting-edge technology alongside Tesselate’s broad banking relationships and interoperability to achieve this.
By combining the solution known as FinverityOS with Tesselate Group’s adaptable business systems and interoperability layer Hive.t, the deployment of new systems that typically took months can now be achieved in as little as 30 days. This enhancement empowers banks and NBFIs to confront challenges posed by rising interest rates, inflation, and geopolitical uncertainties with more robust and adaptable systems.
This has come in response to the escalating demand and evident necessity for supply chain finance, as underscored by BCR’s World Supply Chain Report 2023.
The study highlights a staggering 21% year-on-year surge in global supply chain finance volumes. Simultaneously, the trade finance gap, representing the variance between financing requests and their approvals, has markedly widened by 50% over merely two years, now standing at a monumental $2.5tn.
Despite this pronounced demand for supply chain finance, a striking majority of banks find themselves without a platform, still reliant on archaic, manual, and paper-based systems that have seen minimal evolution since the 1980s.
Said Guida, Managing Partner at Tesselate Group, commented, “We are excited to collaborate with Finverity to provide businesses with a transformative solution for working capital management. This collaboration not only enhances operational efficiency, but also empowers businesses to diversify their product offerings and drive revenue growth.”
Alex Fenechiu, COO & co-founder, Finverity, added, “Speed to market and time of implementation have become key decision-making factors for banks when choosing a technology partner. Finverity’s solution in collaboration with Tesselate allows banks and NBFIs to access fully integrated, world-class SCF solutions in record time. We are incredibly excited for what’s ahead.”
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