ICC TradeNow
ICC TradeComm ™
ICC TRADECOMM™ is a digital marketplace that reduces trade finance barriers for SMEs, enabling all parties to benefit from improvements in matching supply and demand.
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What is ICC TradeComm™ ?
Committed to tackling the growing trade finance gap, ICC partnered with Finastra to develop ICC TRADECOMM ™, a digital ecosystem for micro, small, and medium-sized enterprises (MSMEs) that provides access to a broader set of alternative finance resources to help keep the global economy moving forward. ICC TRADECOMM allows investors to finance trade transactions against title documents and equip MSMEs with a broader set of solutions to mitigate perceived risk, the burden of compliance, and enhance access to finance.
Why is ICC TradeComm ™ important?
There is a large and growing trade finance gap representing a mismatch between demand for and supply of trade financing, estimated at US$1.5 trillion, potentially reaching US$2.5 trillion by 2025. Further exacerbated by the effects of the COVID-19 pandemic and increasing geopolitical tensions, MSMEs need short-term liquidity and access to international trade to survive the ongoing and future economic crises. Alternative financing options are necessary to address this gap and provide the immediate capital required to carry out cross-border transactions.
The ICC TRADECOMM™ marketplace, powered by Finastra, provides a platform to explore innovative ways to reduce trade finance barriers for MSMEs and enable all parties to benefit from improvements, ultimately decreasing the global US$1.5 trillion dollar trade finance gap.
