We do not need all parties on the platform, but we need at least two for this to be worthwhile. The more counterparties, the more advantageous the platform will be. At minimum we would need you and your own bank (e.g. for digitising your LC request), or you and your counterparty (e.g. for digitising your trade contract). Ideally we would onboard you, your bank, your counterparty, and their bank. There is no cost to your counterparty or either bank.
Would my counterpart and his FF or bank need to be on-board your platform as well? If not, the SG SME can only complete one part of the supply chain and the data interoperability would not be seamless.
by Shahz | Aug 5, 2020