Progress on Trade Digitization in 2021

In 2020, BAFT, the ICC and ITFA explored the ad hoc measures banks introduced to go digital in response to Covid-19. At that time, banks were just beginning to adjust. Since then, digital transformation has become a global priority, and 2021 continues this trajectory. But challenges remain as standards in trade continue to be fragmented, and commercial practices have been slow to adjust.

This paper takes stock of the progress we have made on digitization since our last report during the heart of the global lockdown. Our analysis yields several new recommendations on how to continue the momentum:

The question now is how can each of us contribute to positive, sustainable digital transformation? There are two key actions: advocate for legal change and promote the adoption of standards that are in place today.