Making MLETR a reality – the DNI Adoption Group

We are delighted to announce the recent soft launch of our DNI Adoption Group, an initiative of members of our flagship DNI Initiative.

Building on our experience with the ITFA Middle East Tradetech Adoption Group which we launched in June 2022, the ITFA Fintech Committee has decided to expand the model at global level to connect the most active members of the DNI Initiative.

“Delivering MLETR transactions across several use cases is our top priority. We concentrate on two-bank cross-border transactions as this is the most scalable model as per our 2024 priorities.”, says André Casterman, Board Member and Chair Fintech Committee, ITFA. “The group is defining new tradetech practices leveraging infrastructures such as correspondent banking relationships, SWIFT
messaging, MLETR-compliant technologies, ITFA’s ePU and the ETD Act”.

Members of the DNI Initiative concentrate on achieving interoperability as per ITFA’s dDOC interoperability framework. “We want closed trade platforms to open up to our interoperability framework”, adds André. “Interoperability at the level MLETR instrument is now achievable thanks to digital asset technologies which are increasingly being embraced by regulators across the world.”

Sunil Senapati, CEO of XDC Trade Network, explains: “XDC Trade Network is a MLETR liquidity solution that enables corporates to create MLETR compliant instruments, and to access lenders via a regulated digital asset custodian. We ensure that trade documents are verifiable and MLETR-compliant by verifying the identity of the companies using GLEIF, accessing their database via API.”

“Interoperability is at the core of Mitigram’s multi-bank trade platform for corporates. We are leveraging core MLETR technologies to enable MNCs, mid-caps and lenders to process digital negotiable documents and instruments across logistics and banking.”, adds Ted Scheiman, Chief Strategy Officer at Mitigram. “We are keen to engage with members of the DNI Adoption Group and demonstrate how advanced market practices can be rolled out.”

Members of the DNI Adoption Group include banks, alternative lenders, corporates and technology vendors. Whilst most progress is achieved on the bialteral basis amongst members, the DNI Adoption Group meets on a monthly basis to share progress.

In case of interest to join the DNI Adoption Group, please do reach out to ITFA secretariat.