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ICC Taps Global Credit Data To Broaden Trade Risk Analysis

The International Chamber of Commerce‘s (ICC’s) Banking Commission is collaborating with bank-owned database Global Credit Data (GCD) to broaden the scope of the ICC’s Trade Register, an announcement revealed Monday (Oct. 8). The Trade Register provides banks with insight into risks in global trade and export finance. The addition of data from Global Credit Data will enhance that risk analysis and visibility for financial institutions (FIs) ahead of the release of the next Trade Register report, expected early next year.

Global Credit Data will lead the collection of data for the Trade Register from member banks in an effort to provide an unbiased view of trade credit risk for banks’ export and import finance operations. The Register was launched in 2011 and currently includes 22 member banks, accounting for $10.5 trillion-worth of exposures.

“The ICC Trade Register is an indispensable tool for the global banking system and policymakers, enhancing market understanding of the nature of trade finance and contributing to informed policy and regulatory decision-making,” said ICC Trade Register Chair Krishnan Ramadurai in a statement. “This agreement with GCD, which is at the forefront of data collection and analysis, will allow us to further develop and evolve the ICC Trade Register as the go-to source for quality and trusted data, which can be used for robust analysis.”

In another statement, ICC Banking Commission Senior Policy Manager David Bischof highlighted the importance of access to reliable data and the facilitation of global trade, describing that connection as a “direct and critical link.” However, ICC data, published in 2016, found 61 percent of banks around the world agree there is a global shortage of trade finance.

The Register includes data on export and import loans, performance guarantees and letters of credit. The next edition of the report, to be released in the first quarter of 2019, will also include information on supply chain finance and export finance provided by non-OECD export credit agencies.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.