In this example, a user from a Bank with headquarters in London logs in to the Mitigram secured platform and fills out the Open Market Discovery settings. Banks can specify their appetite on country of risk, which markets the bank wants to receive requests-for-quotations from, as well as what type of entities the bank would like to connect with.
Another feature is to set which entity or office of the bank will receive requests from new corporate clients. Different locations of the bank can receive different transactions depending on the type of risk, or location of requesting corporate.
Let’s imagine that a corporation based in Thailand requires Trade Finance risk coverage for a transaction in Southeast Asia, in this case confirmation and discounting of an Export LC. The corporation will create an RfQ - which on our platform is called a mitigram - providing all the details of the transaction in encrypted format. The corporation can then choose to send that mitigram to their existing network of financial institutions, or they can use the Open Market Discovery module to connect globally with new financial counterparties.
Now let’s move to Singapore and the regional office the Bank. As specified in the Open Market Discovery settings page, the regional headquarters in Singapore will receive the request from the corporate based in Thailand, and can immediately begin to interact with the new potential client. All communications are centralised in the Mitigram platform allowing for maximum security and impeccable auditing. This is how Mitigram can bring business opportunities to the doorstep of your bank.
Book a demo today and understand how you can use Mitigram and Open Market Discovery to grow your business. Visit mitigram.com/demo Mitigram: the number one trusted network in Trade Finance.