Service

A. General Information

1. Title

Ryte TFAP

2. Implementation period of the project/service:
From
2021
To
--
4. Geographical coverage
Global
Hub Point: Singapore
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
--
Other participating agencies/entities
--
b. Operational stage
Lead agencies/entities (op)
--
Other participating agencies/entities (op)
--
6. Main stakeholders/beneficiaries of the service
Customs
Banks
7. Business process category of the service
Commercial Transactions
Payment

B. Lessons Learned

8. Summary description of the project/service
Brief Summary

RYTE Trade Finance Application Portal (TFAP) is a multi-bank portal for trade finance applications, all done within one portal. Scale up, save time and empower your business the possibilities for your trade financing needs on RYTE TFAP.

a. Objective(s)

Improve trade finance processes by streamlining operations and enabling seamless trade finance operations.

b. Business need for the service (background)

Digitalization of trade finance necessitates to ensure security on data protection and compliance to efficiently reduce processing times and enable data-driven improvements.

c. Business process covered*

Trade finance banking activities, guarantees, payment, transfer of titles and eBLs.

d. Overall architecture and functionalities*

White Label Trade Finance Application Portals (for banks)

Banks can now leverage GUUD’s trade finance application portal TFAP under your own brand to manage your customers’ trade finance applications. 

Together, we can help you elevate your bank’s trade finance offerings, revolutionizing the way businesses engage in international trade and improving customers’ satisfaction.

White labelling tfap cuts down development time and streamline your operations, and enable seamless trade finance applications with ease with automated workflows, streamlined processing and intuitive dashboards and user interface for optimal customer experience.  

Built with robust security measures to ensure data protection and compliance with industry regulations, the TFAP solutions offer real-time notifications of their application statuses across multi-devices such as desktops, tablets, and smartphones. 

eGuarantee Submission Platform (For government agencies)

Designed to streamline and digitize the process of managing guarantees. Our platform empowers government agencies to efficiently process and monitor guarantees, reducing administrative burdens and increasing transparency. 

Governments can harness data to make informed decisions and leverage analytics tools to gain insights into guarantee trends, and processing times, enabling data-driven improvements. 

eWallet and Payment

Integrate a seamless eWallet and payment solution into your platform for efficient and secure online transactions. Our payment integration ensures a user-friendly experience, supporting various payment methods. 

Boost customer satisfaction with quick and hassle-free payments, enhancing the overall functionality of your platform. Businesses can even apply for invoice financing services for quick access to capital by leveraging account receivable financing with your invoices. This efficient financial solution improves cash flow, accelerates business growth, and minimizes the impact of delayed payments, ensuring sustained operations and increased liquidity.

Transfer of title – eBLs Facilitate smooth title transfers with our electronic Bill of Lading (eBL) solution. 

Our streamlined process ensures secure and efficient digital documentation, reducing paperwork and delays. Enable seamless transfer of ownership, enhancing transparency and trust in your logistics operations. 

Upgrade to eBL for a modern, efficient, and secure title transfer experience.

e. Relevant document/figure
--
9. Documents and data exchanged via the service

eBLs, payments, guarantees

10. Data models/databases, proprietary solutions, hybrid approaches
--
11. Main challenges faced during the service
--
12. Lessons learned from the service

Improved trade finance processes and customers satisfaction.

13. Main benefit(s) of the service
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
13A. Elaborations/detailed description on benefits gained
--
14. Technical/financial/capacity building/other assistance
--
15. Future plan for expansion of the service
--
16. Other information or relevant references on the service
--
17. Relevant document regarding the service
--

C. Relevant Standards

19. Electronic message standard
19A. Electronic message standard supporting the service
--
19B. Type of standard for electronic message applied for the service
--
20. Technical communication standard
20A. Technical communication standard supporting the service
--
20B. Type of technical communication standard applied for the service
--
21. Security-related standards*
21A. Security-related standard supporting the service
--
21B. Type of security-related standard applied for the service
--
22. Other Technical Information
22A. Interface developed for data exchange with an internal system
--
22B. Other technical implementation information
--