In recent times, Triterras joined the ITFA. Being powered by blockchain technology, it became a trade finance service provider. Membership in ITFA allows everyone to connect with peers worldwide, share insights on managing the risks associated with maintaining and establishing trade, and study new approaches to risk analysis. Most financial institutions are introduced together by the ITFA to enhance business relationships with the growing community. Most importantly, this community does not engage in forfaiting but is interested in keeping ties to the trade and forfaiting sector.

As per the latest reports, a new entity within the ITFA (International Trade and Forfaiting Association) has been developed to address the growing challenge of fraud in international trade financing. As an aspect of the ITFA’s Fintech Committee, this recently created entity, comprising the world’s significant trade financing institutions, strives to foster greater engagement. The team is co-chaired by delegates from the fraud prevention and detection prevention firm and the banking sector, and it seeks to create a categorization of fraud typologies, raise members’ awareness of fraudulent activity in trade finance, integrate efforts to prevent cross-border double-financing, find technology vendors to collaborate and publish best practise guidelines.

Nearly three hundred professionals in trade finance, political risk insurance, credit, allied fields and export financing are members of the ITFA, which has its headquarters in Zurich, Switzerland. André Casterman, Chair of the ITFA’s Fintech Committee, states that this mission is to bring about an industry-wide collaboration to tackle fraudulent activities. Furthermore, Casterman elaborated that the ITFA aims to increase cooperation among fintech firms, helping banks mitigate fraud. It also performs effectively, leveraging through successful TFD and DNI programs.