Mitigram announces that Bridgestone selects its digital platform for trade finance transactions for its business in the Middle East and Africa
Mitigram is pleased to announce that it has been selected by Bridgestone to bring a new level of digital capabilities to its Trade Finance business operations for its Middle East and Africa (MEA) geographies. Bridgestone has implemented two Mitigram modules, MitiManager and MitiSquare to digitalise end-to-end workflows for all trade transactions and to enable its trade finance teams to communicate with multiple banks simultaneously for pricing, risk mitigation and related services for any trade finance transaction.
The key advantages that Mitigram has delivered to Bridgestone are:
- full visibility and management of the complete trade finance portfolio with the action-orientated, enterprise-level MitiManager
- the ability, using MitiSquare, to source credit coverage and funding for risks in the more difficult North African markets where regulatory controls have meant a sudden increase in demand for documentary trade
- enhanced internal governance, controls, analytics and reporting
- more inclusive ways of working to partner with more banks to support Bridgestone’s trade requirements
- reduced operational efforts for Bridgestone’s banking relationships by deploying Mitigram’s certified SWIFT communications channel
During 2022 Mitigram confirmed its position as Europe’s most disruptive FinTech to accelerate the digitalisation of trade. Talking about recent developments, Milena Torciano, CEO of Mitigram said, “2022 saw Mitigram’s product range expand significantly with our new enterprise solution MitiManager, a fully centralised end-to-end transaction ledger designed specifically for trade. This disruptive new solution complements MitiSquare, the world’s largest marketplace for trade finance assets. Over the last year, MitiManager has seen rapid adoption and is being recognised as the most interoperable trade finance workflow execution solution in the market for Corporates. MitiSquare, meanwhile, has reached a new milestone having now exceeded USD 100 bio in cumulative transactional flows from more than 100 markets covering risks on over 1,000 issuing banks.”
Mitigram is a leading digital platform in global trade financing. Headquartered in Sweden, its solutions – which leverage Swift connectivity, APIs and fast-learning AI – digitise trade finance transactional records enabling full workflow management and the assessment of real-time risks, capacity, and pricing from partner banks. Today, Mitigram’s applications are used by over 300 multinational corporations, leading commodity traders and financial institutions.