Trade credit, surety and trade finance solutions provider Tinubu Square has launched a new Innovation LAB that focuses on the use of blockchain, advanced integration and deep analytics for insurance and banking industry applications.
The Innovation LAB has been created in order to explore the possible opportunities for trade credit platform solutions and to investigate emerging technologies before they disrupt the market.
Tinubu Square’s LAB head Sébastien Méric said: “The launch of the Tinubu Square LAB represents our commitment to being the most complete provider of technology-based business solutions for trade credit, surety and trade finance.
“We have two core principles with regards to the LAB. The first is to ensure that everything we are going to develop becomes integral to our existing enterprise best-in-class platform and secondly, that we innovate collaboratively with clients so that their needs and realities are addressed first. We will be innovative, we will be futureproof, but it’s also critical for our clients to be able to use these innovations seamlessly and productively.
“The LAB at Tinubu Square also represents a unique opportunity for our clients to collaborate, test and refine their own approaches to these technologies within the industry’s only fully digitized SaaS based solution. “
“Having already implemented innovative products through a long-term partnership with Tinubu Square, EDC (Export Development Canada) has high expectations of Tinubu being able to bring cutting edge technologies with predictable outcomes and benefits to our business and cost structures. For instance, in 2015 EDC launched Select Credit Insurance (SCI), offering Canadian companies Export Credit Insurance on select foreign buyers fully online in as little as a few minutes. This compares to a 15-day offline process before. We look forward to accelerated innovations through Tinubu Square LAB”, said Clive Witter, SVP Insurance & Working Capital Solutions at EDC.
Tinubu Square CEO and founder Jérôme Pezé said: “Those emerging technologies are opportunities to provide high value functionality to our customers throughout our platform. We wish to promote tools that will help them improve their decision-making process, to respond to the new challenges and opportunities emerging with the digitalization of the supply chain and trade finance, and to integrate with their extended ecosystem. The LAB will create value for the credit insurance and trade finance industry to further support trade and corporate development across the world.”
Tinubu Square deputy CEO and co-founder Olivier Placca said: “The LAB is really a continuation of our approach since we started. We have always been technology driven, with our focus being on optimizing our client’s capabilities, and we expect to deliver real impact with this investment and collaborative model.”
The LAB will focus on key issues, including blockchain, the externalization of data to the distributed ledger, powerful data security, cryptocurrency implications, automation and multiparty workflows. These are all functionalities that cannot be ignored by Tinubu Square’s growing customer base.
As information sharing over the web has become commonplace, the launch of data sharing through DLTs is one of the next steps to knowledge sharing. Tinubu Square will bring its clients new toolsets to use those technologies directly from its platform and provide functionality to assist with integration by many parties involved in trade transactions.
For advanced analytics, Tinubu Square has already developed and deployed algorithms that have enabled tens of millions of decisions to be made by companies, and tighter integration of advanced analytics will be an ongoing feature of the Tinubu Square platform.
In addition, customers will be able to take advantage of smart APIs that address the ever-increasing need for fast integration of assets, analytics and data demands for rapid connectivity and guaranteed success.
Source: Company Press Release