Award-winning global and local expertise
We believe in the necessity of qualified trade finance experts who can provide consistent and trustworthy service and advice. As a large trade bank we have a strong network of ING branches, predominantly in Europe, in addition to a large network with correspondent banks globally.
Our solutions facilitate you in protecting yourself against international trade's unique inherent risks, such as currency fluctuations, political instability, issues of non-payment, or the creditworthiness of one of the parties involved.
Our excellent service delivery is at the heart of the product offering. Speed combined with safe transactional processing has our highest priority.
We offer InsideBusiness Trade, an online platform for your trade finance transactions such as letters of credit, documentary collections or bank guarantees, and we are also working on Trade of the Future using blockchain-based solutions.
Trade of the future
As part of blockchain-based trade finance platform Contour, we are digitising the 400-year-old process of paper letters of credit together with other global banks and financial consultants. In 2018 and 2019 several pilots were carried out which showed that full digitisation reduces the time from initiation-to-payment by 9-11 days. As well as saving time, users will also enjoy transaction risk reduction as a result of better availability and matching capabilities of their data.
The coming months and years will be exciting as the next steps in Contour’s journey are the onboarding onto BETA Network, in which continuous testing is possible and a go-into-production is expected in the near future. Contour could disrupt one of the oldest products in trade finance to the benefit of trade finance banks, suppliers, buyers, logistics providers and others involved in international trade.
As an investor in Contour and one of the initiating members of the project, ING is in an excellent position to guide the next steps of this blockchain based-innovation project.
Letter of credit, documentary collections and bank guarantees
Even while we move towards a more digital trade finance offering, the essence of trade finance products such as letters of credit, documentary collections and bank guarantees remains unchanged. With a letter of credit, also known as a documentary credit, the buyer’s bank guarantees payment to the seller if certain criteria are met. Documentary collections, similar to letters of credit, reduce the payment risks on international trade transactions, and with a bank guarantee, your obligations to third parties are insured.
