New players are innovating the way cross-border B2B payments are made and are bringing new business models that bundle these payments with other activities, such as foreign exchange conversions, wallets, invoicing, virtual accounts, etc. But with the growth in cross-border B2B payment companies, I thought it interesting that these new players are entering a space that is getting increasing scrutiny for illicit money movement by traditional means — trade misinvoicing.
What is trade misinvoicing? Simply put, moving money across borders by deliberately misreporting the value, volume, and/or type of commodity. Many anti-money laundering efforts (AML) exist to stop the practice.
KYC for Supply Chain Finance is an Unmitigated Disaster
“Everyone has to take their shoes off at the airport.” TSA Security The title to this piece are strong words, and they are not […]
Why Bank Originated Supply Chain Finance is Like the 1% Movement (and will it change?)
When it comes to supply chain finance (“SCF”) as many know, the supplier onboarding process for bank originated SCF programs is worse than a root […]
If Supply Chain Finance is to Grow, Where are the Banks?
Everyone going to Supply Chain Finance conferences hears the stories of how popular SCF has become and how many lenders are looking to move downstream […]
Why Supplier Acceptance Rates Still Struggle with Traditional Bank Funded Supply Chain Finance
"On the Internet, no one knows you’re a dog" ... Peter Steiner Know Your Customer (“KYC”) has been a big inhibitor for banks in providing both […]
Why Bank Supplier Onboarding for KYC Far Exceeds Fintech Efforts
Banks are requesting more KYC documents than ever before – clients can submit 5 to 100 docs during the onboarding process according to Thomson Reuters. […]
Next Crisis could be Catastrophic for Trade Finance
When we hear of gaps in trade finance, the cry is “do something”. The Asian Development Bank (ADB) runs a survey that quantifies the market […]
What is P2P? Purchase-to-Pay or Peer-to-Peer?
Investors and Technology Vendors need to learn each other’s language A big part of the reason Jason Busch and I decided to form Trade Financing […]
BNP Paribas fine a wakeup call to Vendors, Supplier Networks offering finance
The recent $8.9 billion dollar fine assessed on BNP for funneling money into Sudan, Iran, etc. for many years has implications for supplier networks, einvoicing […]