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Trade Financing & Best Practice B2B Payments

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How New Technology is Revolutionizing FX Payments

The year is 1427, and it is a warm spring day in Florence, Italy. An excited merchant, the head of his rapidly growing import and export business, holds in his hand the crisp paper guaranteeing that he will be paid for his goods once they have been safely received by his buyer in Genoa, just two hundred kilometres away. That paper the merchant holds in his hands over half a century ago is a letter of credit, and it helped unleash global trade.

Fast forward nearly six hundred years, and we find another merchant, sitting in her office in a high rise office in London, having just sold a shipping container's worth of aerospace components to a buyer on the other side of the world. She, too, is holding that same piece of paper, a letter of credit, virtually unchanged in over half a millennium.

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Phillip Silitschanu

About the author

Phillip Silitschanu is the founder of Lightship Strategies Consulting LLC, and CustomWhitePapers.com. Phillip has nearly 20 years as a thought leader and strategy consultant in global capital markets and financial services, and has authored numerous market analysis reports, as well as co-authoring Multi-Manager Funds: Long Only Strategies. He has also been quoted in the US Financial Times, Wall Street Journal, Barron's, BusinessWeek, CNBC, and numerous other publications. Phillip holds a B.Sc.in finance, a J.D. in law, and an M.B.A.

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