BNY Mellon discusses the evolution of trade in GTNews

Speaking to GTNews to mark the publication’s 20th anniversary, BNY Mellon’s Dominic Broom, Global Head of Trade Business Development, and Bana Akkad Azhari, Head of Relationship Management for the Middle East and Africa and the Commonwealth of Independent States, trace the most noteworthy drivers of global trade over the past two decades – including China’s introduction into the World Trade Organisation, technology’s role in cutting costs and streamlining the physical supply chain, and post-crisis regulatory changes that have opened the gates to new non-bank trade financing market entrants – which all indicate a resilient and versatile trade industry.

The revolutionised trade landscape is not void of challenges however, with Broom underlining “sticking points” in the development of the financial supply chain, such as management of documentation and tighter regulatory requirements. Pointing to technology’s radical effect on trade so far, Azhari highlights how bank data can be developed into digital solutions to address these issues and to analyse key global trends in order to add value to the client experience – with Broom adding the importance of correspondent banking to best harness and leverage this data to enhance trade enterprise across the world.

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