Less than six months after launching the Open Market Discovery module, Swedish fintech Mitigram is releasing their latest, and to date biggest, add-on to their Trade Finance platform: TxM – Transaction Manager, a solution that will allow corporates to manage all their Trade Finance Transactions in one application.
Despite great leaps in financial technology, a large portion of global Trade Finance still relies on outdated systems, such as spreadsheets attached to emails. “It might come as a surprise to most people, but many large corporates have not yet begun introducing new technologies within their Trade Finance operations. Information sits in e-mails and spreadsheets, and processes are very manual,” said Mitigram’s CEO Milena Torciano. “As such we saw an opportunity not only to solve the problem of inefficient processes. A solution like TxM will certainly help corporates as well as the market itself become more efficient and dynamic. We are confident that our product can help any company involved in cross border trade, regardless of their size.“
One of the main challenges that corporates and financial institutions face when working with outdated systems is the inability to integrate with newer solutions. “This first version of the Mitigram’s Transaction Manager is one more step towards Mitigram becoming an integrated part of an ever-expanding Trade Finance ecosystem,” commented Mitigram’s Founder and Chief Product Officer Marjon Wohlén. “Like all our other modules, TxM is plug-and-play, and will seamlessly integrate with other systems in the market, such as SWIFT and other trade finance networks’ initiatives.”
“The productivity gains for corporates are immediate with Mitigram’s TxM,” explained Benoît Steinbach, Managing Director, Corporate at Mitigram. “That is why we have seen such an enthusiastic response from our existing clients. They understand that with a multi-bank, multi-instrument and multi-channel solution like Mitigram, which will provide a collaborative interface across teams and colleagues, their whole Trade Finance operations can be mapped from A to Z, providing insights for intelligent and effective decision making.”
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Mitigram is the most trusted market network in Trade Finance and it is used by large corporates and most of the largest banks in the world, to build business relationships across the globe. Currently operating in over 100 countries, Mitigram has recently expanded to Asia with regional headquarters in Singapore and sales directors in multiple countries.
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