Trade Finance Current-state process depiction Establish payment terms Deliver goods Settle on terms 1 Order goods Initiate Receipt shipment 6 9 notification Provide invoice Importer Exporter Exporter Inspection Importer Import bank Financial company 2 agreement ials Verified Product 10 Initiate can goods Verified Product payment nFi 7 goods shipped 4 5 8 3 Financials Financials Payment Customs Freight Customs Import bank Correspondent bank Export bank Country A Country B Correspondent bank Export bank Current-state process description 1 An importer and exporter agree to the sale of a 5 The export bank provides the exporter with the 9 Following inspection, the goods product at a future date and time financing details, which enables the exporter to are delivered to the importer, 2 The financial agreement is captured within an initiate the shipment which provides a receipt invoice, which identifies the quantity of goods sold, 6 A trusted third-party organization inspects the notification to the import bank price and delivery timeline goods for alignment with the invoice 10 Upon receiving notification, the 3 The importer provides a bank with a copy of the 7 Local customs agents within the export country import bank initiates the financial agreement for review inspect the goods based on the country code payment to the export bank 4 The import bank reviewsthe financial agreement 8 The goods are transported by freight from Country through the correspondent and provides financials on behalf of the importer to Ato Country B and local customs agents within the bank a correspondent bank, which has established a import country inspect the goods based on the relationship with the export bank country code WORLD ECONOMIC FORUM | 2016 77