Overview

The document, titled **"Trade Finance Project"**, was presented by Hisanao Sugamata during the 42nd AFACT Plenary on November 26, 2024. It provides an in-depth analysis of the challenges and proposed solutions in trade finance facilitation, particularly focusing on interoperability among the financial, commercial, and logistics sectors.  

Key areas covered include:  

1. Current Challenges:  

   - Lack of interoperability between domains (finance, commerce, logistics).  

   - Limited progress in paperless processes, hindering efficiency and transparency in trade finance.  

2. Proposed Solutions:  

   - The **Buy/Ship/Pay (B/S/P) Reference Data Model (RDM)** to standardize data exchange structures for trade finance.  

   - Adoption of UNECE’s “digital and green transformations” strategy to integrate sustainable practices.  

3. Project Deliverables:  

   - Development of Business Requirements Specifications (BRS) and eBusiness Standards for critical trade finance documents, such as:  

     - Documentary Credit Advice  

     - Certificates of Origin  

     - Cargo Insurance Certificates  

     - Warehouse Receipts  

   - Creation of implementation guidelines for trade finance subsets (e.g., invoices, packing lists).  

   - Publication of a Trade Finance White Paper.  

4. Progress and Future Work:  

   - Documentary Credit Settlement BRS is under development.  

   - Cargo Insurance BRS is under public review, emphasizing domain use cases and data models.  

   - Continued collaboration through bi-weekly online meetings led by project leaders and support teams.  

The project underscores the importance of harmonized standards and digital transformation in enhancing efficiency, reducing trade barriers, and promoting sustainable development in the trade finance ecosystem.