Italy, despite its size, has a prominent role in international trade. According to the WTO World Trade Organization Statistical Review 2018, our nation's international trade ranges between 250 and 500 billion dollars a year, which is one of the highest positions in the world.
The players involved, in addition to the importer and exporter, are multiple and diversified and include Banks, Carriers, Customs, Insurance Brokers and other new types, such as Fintech.
The processes, which each operator must carry out to finalize an International Contract, are at present mostly manual and require a temporally long and error-prone activity, often supported by stand-alone procedures not integrated into the external world, very little user-friendly and requiring high-level skills for the human resources involved. All this, in addition to being very expensive, takes resources from the main component which is the Deal.
The WTEco portal was created with the aim of automating and simplifying the entire process by creating a Value Chain, which includes a series of value-added functions, essential for companies operating with foreign markets, among which banking transactions.
These functions anticipate different events – in the different contractual moments finalizing the process in the best way, all of this integrated in a Marketplace that provides, in an integrated manner, solutions to problems related, for example, to the reliability of the counterpart, to the compliance of the contract, to logistics, consultancy and insurance components, giving the possibility to activate them directly, by and/ or at the request of the end customer.
In this way, all the players that participate in the economic process, including the bank, provide a thorough solution, taking into consideration the needs of the end customer.
The use of the portal and of its contents is capable of increasing the customer’s loyalty and involvement, by making digital components available in order to improve the accessibility of the information, primarily on behalf of the end customer.
A traditional solution for the development of a "thematic portal" by one of the subjects, including the Bank, seems to be burdensome and time consuming, in fact, it would require a large use of time and material resources. The necessary time-to market is much shorter than in the past, and this compels to reduce development and release times.
The aim is to operate with the agility and costs of a Fintech, combining the flexibilities of such structure, in order to be simple and little invasive on the internal (technological and human) structures of the players. A plug-and-play model is used, which may achieve the desired results, without the need to buy out a company and/ or create a new one, as already done by some European and national banks, through economic, financial and human resources investments.
WTE and OpenWave are centered on some key concepts adaptable to the needs:
- Cloud based Solution or Outsourcing
- "Pay-per-use" costs
- Integrated and Open with respect to the context
- Low impact on the technologies involved
Finally, the model also provides for the sale of various products and services connected with import/ export operations that can result for the customer in cost cuts, increase in efficiency and additional revenues for the players involved.