The first ever Commodities Innovation Awards ceremony took place in Geneva this week, organized by Bilan Magazine and Ampersand World SA. The event is a celebration of the outstanding achievements in the commodities trading industry in the country. ING Switzerland won the Financial Innovation award for its Digital Agent solution for syndicated borrowing base facilities: ‘Sucafina Borrowing Base Powered by ING’.
ING and Sucafina have collaborated with digital trade finance specialist, Komgo, to deploy the most-cutting edge version of the firm’s Digital Agent solution for syndicated borrowing base facilities.
Since 2021, ING has been at the forefront of digitalising borrowing base administration using Komgo solutions, further strengthening its role as Facility and Security Agent, a service it extends to more than 50 facilities globally.
Earlier iterations of the solution were applied to inventory reporting, then to account receivables, cash accounts and liabilities monitoring, to provide instant and reliable visibility of all collateral and utilisations.
This deployment not only enables transparent and timely reporting for this facility, but also lays the foundation for a standardised and comparable reporting framework. This framework has the potential to scale-up, enhancing the efficiency and marketability of ING's end-to-end borrowing base desk. ING, Sucafina and Komgo collaborated closely on the project, working in a co-creation mode.
Find out more about the solution here: Commodities Innovation Awards 2024 | Bilan