Trade Information Network, a solution provider for multi-bank financing, has partnered with CRIF, a global company specializing in credit bureau and business information systems, and advanced digital solutions for business development and open banking.
Established in 2019 by ANZ, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered, Trade Information Network is a data registry enabling the exchange of original trade information between buyers, suppliers and financiers globally. Its aim is to serve as a vital tool in improving the visibility of supplier performance risks and thus improving credit flow to SMEs. The Network also helps financiers to avoid fraud and duplicate financing risks.
By partnering with CRIF, Trade Information Network will enable banks to further enhance their risk assessments and increase their capacity to finance at the purchase order (PO) stage and beyond.
The Network is available via SkyMinder, the CRIF platform providing global business information as well as a solution for obtaining data to support complex KYC processes. SkyMinder collects and provides information on companies to financiers for a reliable credit assessment and credit recommendations. Covering more than 230 countries and jurisdictions, SkyMinder grants access to the most valuable business credit data from the highest quality local providers through a single platform.
All financial users of the Trade Information Network platform can subscribe to SkyMinder. Users can gain a better insight into their existing or prospective clients and suppliers thanks to the commercial credit scores and credit opinions included in the SkyMinder reports. The option of continuous monitoring and alerts is also available. Other services include Financial Crime and Sanctions List checks, Cyber Risk reports and assessments of intangible assets through Patent Due Diligence Reports. Positive and negative changes could hide opportunities and threats. Trade Information Network’s members will now have a solution to avoid unpleasant surprises.
Asked why Trade Information Network has chosen to work with CRIF, the Network’s CEO, Sudhir Dole, said: “Trade Information Network was keen to partner with other institutions which are providing information to banks to mitigate risk. CRIF has an established track record of over 30 years with users across 50 countries. We see this as a win-win partnership to better serve our clients.”
“We’re pleased to announce our partnership with Trade Information Network. The integration between the Trade Information Network platform and SkyMinder’s information ecosystem will help buyers, suppliers and banks to develop data-driven and risk-adverse commercial relationships,” commented Fabio Lazzarini, International Development B2B Services Director of CRIF.