Trade Finance Player Tradeteq Inks Deal With Microsoft

Tradeteq, which operates a platform designed to make it easier for banks to raise money for financing trade without turning to traditional sources or always conducting transactions in U.S. dollars, announced a collaboration that will put the company’s services on the Microsoft Azure cloud platform, FStech reported.

Tradeteq said in prepared statements picked up by several FinTech media outlets that the arrangement will make it easier for customers in diverse markets to use the company’s platform without worrying about security.

Tradeteq CEO Christoph Gugelmann said in a prepared statement: “Connectivity is a vital component to improving access for banks in trade finance. By using a cloud-based product, financial institutions can improve their ability to connect, trade and distribute trade finance assets — regardless of their location.”

Tradeteq also said it has become a re-seller of Microsoft services, according to the report.

“Connectivity also extends to our role in the reseller program, allowing us to be readily available for other banks keen to take advantage of our service,” Gugelmann said in the statement.

The Microsoft linkage will make it possible for Tradeteq to offer its services in 60 countries, the report stated.

As transactions around the world have shifted to new digital platforms in response to the pandemic, companies increasingly have sought ways to move operations to platforms such as Microsoft Azure or Amazon Web Services.

In a July conversation with PYMNTS, Mastercard Labs Head Ken Moore said he expects new ways of doing business adopted in response to the pandemic will remain the norm long term.

“We’ve all developed new behaviors and new patterns and then repeated them over months,” he said. “I think we’ve changed — and we’ve changed for good.”

Moore made his remarks shortly after Mastercard announced a collaboration with Microsoft.

Moore also said Mastercard’s leaders are excited about the opportunities blockchain technologies will offer for secure digital transactions.