There's a wealth of profound banking experience behind biz.Clarency. We designed it to bring you closer to your customers, to strengthen your compliance, to boost your profitability and - and this just might be the big one - make your business life a lot less complicated.
Those are big claims, so let's take some time to explain ourselves...
As you'd expect of a fully-featured trade finance platform, biz.Clarency is integrated closely with SWIFT. It interfaces automatically to the global standard for financial messaging, greatly easing your path to adoption.
However, we saw a need to work beyond what we see as the platform's most important shortcoming - its limited capacity to communicate detailed transactional detail. The message format allows just 140 characters to describe the transaction's background data. And in our opinion that's not enough. That's why we extend its capability by embedding a key in the MT103, giving read access to the underlying data on our next-gen blockchain. Thus we extend 140 characters to potentially gigabytes of fundamentally dependable information.
Blockchain technology has much to recommend it, but it's not perfect - at least not as perfect as we wished for. Since 2020 we've seen proof of a basis for our unease, in the form of a small but significant number of successful blockchain penetrations. While blockchains are inherently resistant to hacking, they're not completely invulnerable.
But vulnerability isn't the only shortcoming of the paradigm. There were other issues that concerned us:
The long quest for a better alternative brought reward in the form of InterlockLedger. This boldly innovative company worked with us to deploy a heavily customised implementation of its superb next-gen blockchain. You can read more about this here.
How customer-friendly is your onboarding process? And while we're asking the tough questions, do your customers see you as an ally or a barrier to their international trade?
Trade finance becomes, almost daily, more competitive; you can't afford to alienate a new customer right at the start of your relationship. It's no longer enough to console yourself with the thought that your competitors are no better, because it's no longer necessarily true.
There's still an opportunity to lead the field - an opportunity that will soon become just a chance to keep up. The world is changing rapidly and international finance companies must adapt.The biz.Clarency approach involves your customer in the onboarding process, and that involvement immediately makes them feel better about you. But the system also greatly simplifies and shortens the engagement, bringing you and your customer closer to profitable trade in days - or even hours - rather than weeks.
Improving technology should make compliance more robust, yet regulators continue to impose heavy penalties on financial institutions for failures in diligence. This is probably the strongest barrier to free global trade as it moves the risk/reward balance so profoundly that it's hard to justify. Our sister company, Choice International, pioneered transactional diligence as long ago as 2004. Since then we've continued to refine the model, introducing blockchain immutability and ever-increasing visibility of the physical movement of goods that underlies each transaction.
Rather than re-invent technologies that were already available from specialist organisations, we've selected ground-breaking partners. Together we've assembled a seamless suite of systems that bring you unprecented - and sharable - detail of shipping routes and documentation, weights and volumes of goods, market values and much more. And it's all assembled and presented so that it actually eases your workflow. You can read more about our approach to compliance here.
biz.Clarency delivers increased profitability on many levels:
By reducing your workload, increasing your risk officers' efficiency, and simplifying both the onboarding process and the ensuing transactions, biz.Clarency cuts your resource overhead.
As a biz.Clarency customer you have access to super-keen exchange rates and ready liquidity. It's often possible to shorten your correspondent banking chain, cutting out interim exchanges and saving money. And with our flow-balancing working for you, you can even eliminate forex costs altogether.
You can earn exceptionally high returns on funds that you choose to rest, even briefly, within the Clarency ecosystem. Depending on your circumstances, margins as high as 80% are realistically attainable.
We stated our position on the home page: we believe international trade should be as simple as local. We're not there yet, but we're well on the way.
The information-gathering required for proper compliance is almost entirely handled by your customers. It allows them to feel involved, and our seamless API set or super-friendly user interfaces mean that it's no chore for them. And your risk officers receive an orderly, pre-screened data pack that makes decisions easy and keeps regulators happy.
Every transaction is automatically re-screened for significant changes. Instead of relying on old-fashioned value thresholds, you're instantly aware if anything needs your attention.
Forget lengthy information chains or multiple logins. Execute a payment with a couple of clicks for same-day settlement*.
* The majority of funds are disbursed by 9:00pm UTC, arriving at destination bank by OOB next day
There's a world of business out there. Emerging economies such as those in Africa become stronger and more attractive by the day. Forward-looking financial institutions are already snapping up the new opportunities as they emerge.
Don't get left playing catch-up. Get in touch today and let's make things happen.