Citi and CredAble Partner on Trade Finance Solution

Citi and global working capital technology platform CredAble partnered to launch a platform that digitizes trade finance and electronic invoice validation globally.

With this partnership, Citi enhanced its digital trade loan journey by adding a new verification layer powered by CredAble’s white-labelled solution, the companies said in a Tuesday (Jan. 6) press release emailed to PYMNTS.

For Citi’s corporate clients and their suppliers, the collaboration delivers a seamless digital flow with greater transparency and speed from invoice submission to verification, according to the release.

The new platform validates invoices against government-backed digital public infrastructure and verifies more than 10 critical fields, helping to detect inconsistencies, strengthen controls, reduce exceptions and improve audit readiness, the release said.

PYMNTS reported in October that global banks are enhancing their trade finance offerings and that the newest wave of bank innovation in this area centers on digitizing documentation and using artificial intelligence-driven risk scoring to speed approvals.

Banks are doing so at a time when the complexity of modern supply chains, including more counterparties, more currencies and more regulatory jurisdictions, has outgrown traditional paper-based processes.

In a recent post on LinkedIn, CredAble said there have been changes in both where trade happens and how it is financed.

“Across global supply chains, businesses are adapting in structural ways,” the company said. “Nearshoring, reshoring and multipolar trade routes are becoming the norm.”

“At the same time, cash conversion cycles are stretching and liquidity is turning into a competitive advantage rather than a balance-sheet metric,” CredAble said.

When CredAble and Finastra partnered in July 2024 to provide an enhanced, end-to-end offering for trade finance and supply chain finance to banks around the world, CredAble said its working capital platform enables banks to provide a wide range of supply chain financing solutions, serve both enterprise and small and medium-sized businesses (SMBs), and unlock new revenue opportunities.

“By combining our AI-powered supply chain finance platform with Finastra’s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide,” Satyam Agrawal, global head of product and retail business lending, MD ASEAN and ME at CredAble, said at the time in a press release.