Two major fintech players join ITFA

Established in January 2018, the ITFA fintech committee immediately attracted a dozen of members, and an additional twenty since then.

As we entered 2021, we had the pleasure to welcome two additional fintech members: Tesselate and Traxpay. This brings the total number of fintech members to 34.

Casimir Veisblat, CEO and Head of the Trade Practice, Tesselate explains the ITFA membership decision: “Technology integration is a major challenge in trade finance, and this is exactly what Tesselate concentrates on. We serve financial institutions and help them implement cutting-edge technology to streamline banking operations with a strong focus on lending and asset management. We are therefore keen to expand collaboration with ITFA’s experts in origination, distribution, data management and AI technologies. We combine business and technical expertise and partner with highly specialised technology providers. As an example, we recently joined both DNI and TFD Initiative for this very purpose.”

Markus Wohlgeschaffen, Product Management, Traxpay is also keen to join the ITFA community: “As a liquidity-focused platform, Traxpay is re-inventing Supply Chain Finance in the most collaborative, flexible and sustainable way. It allows both, banks and buying corporates, to provide suppliers with liquidity based on sustainability criteria through financial incentives instead of sanctions. The platform enables banks to discover new opportunities to extend financing where and when expected by their own corporate customers and propel sustainability to a new level.”

“Trade finance banks have a unique opportunity to pick-and-choose from a series of collaborative fintech partners that match their strategic priorities. This is a luxury position for trade banks as the majority of fintechs want to collaborate, rather than compete. They also ensure smooth integration into existing business relationships, practices and systems.”, adds André Casterman, Chair of Fintech Committee, ITFA.

Sean Edwards, Chair, ITFA is enthusiastic about the community dynamic: “By bringing major fintech players within ITFA, we are finding ways to combine their value propositions and identify additional industry deliverables to work on. The recent progress achieved by various stakeholders including policy makers on the DNI Initiative, the TFD Initiative and TERA is very promising.”

Discover the full list of fintech committee members on our dedicated page.