STOCKHOLM, March 3, 2021 /PRnewswire/ — Less than six months after launching the Open Market Discovery module, Swedish fintech Mitigram is releasing their latest, and to date biggest, add-on to their Trade Finance platform: TxM – Transaction Manager, a solution that will allow corporates to manage all their Trade Finance Transactions in one application.
Despite great leaps in financial technology, a large portion of global Trade Finance still relies on outdated systems, such as spreadsheets attached to emails. "It might come as a surprise to most people, but many large corporates have not yet begun introducing new technologies within their Trade Finance operations. Information sits in e-mails and spreadsheets, and processes are very manual," said Mitigram’s CEO Milena Torciano. "As such we saw an opportunity not only to solve the problem of inefficient processes. A solution like TxM will certainly help corporates as well as the market itself become more efficient and dynamic. We are confident that our product can help any company involved in cross border trade, regardless of their size."
One of the main challenges that corporates and financial institutions face when working with outdated systems is the inability to integrate with newer solutions. "This first version of the Mitigram’s Transaction Manager is one more step towards Mitigram becoming an integrated part of an ever-expanding Trade Finance ecosystem," commented Mitigram’s Founder and Chief Product Officer Marjon Wohlén. "Like all our other modules, TxM is plug-and-play, and will seamlessly integrate with other systems in the market, such as SWIFT and other trade finance networks’ initiatives."
"The productivity gains for corporates are immediate with Mitigram’s TxM," explained Benoît Steinbach, Managing Director, Corporate at Mitigram. "That is why we have seen such an enthusiastic response from our existing clients. They understand that with a multi-bank, multi-instrument and multi-channel solution like Mitigram, which will provide a collaborative interface across teams and colleagues, their whole Trade Finance operations can be mapped from A to Z, providing insights for intelligent and effective decision making."
Mitigram is the most trusted market network in Trade Finance and it is used by large corporates and most of the largest banks in the world, to build business relationships across the globe. Currently operating in over 100 countries, Mitigram has recently expanded to Asia with regional headquarters in Singapore and sales directors in multiple countries.
Transaction Manager – TxM launch webinar (www.bit.ly/txm-webinar)
A complementary 45 minute webinar will be held on March 15, at 9:30AM CET (4:30PM SGT) to officially launch and demonstrate the capabilities of Mitigram’s new Transaction Manager TxM. Register on GoToWebinar to book your seat. Head of Asia Johan Egnell and Product Manager Anton Monaghan will present the demo to participants and conduct a Q&A session. Limited seats are available at www.bit.ly/txm-webinar
About Mitigram (www.mitigram.com)
Mitigram is the premier global online platform for funding and hedging the risk of trade. Adopted by multinational corporates, leading commodity traders and many of the world’s largest banks, Mitigram offers a collaborative, efficient and cost-effective way for corporates to securely interact with their financial institutions in the negotiation of trade finance, bonding & guarantees and risk mitigation. Mitigram also allows banks to collaborate with each other and with non-bank financial institutions in the exchange of information to allow for trade finance needs to be effectively communicated and redistributed. The platform provides access to an extended network of counterparties, supports comprehensive automated quotation workflows and provides all parties with a better understanding of market pricing.
Launched in 2015, Mitigram has facilitated over $60 billion of trade finance in 100+ countries, covering the risks of over 1000 issuing banks in both developed and emerging markets.
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