International Trade after the Crisis: new financing possibilities

The globalization of the economy during the last two decades was characterised by the growth of international trade volume and changed the pattern of its territorial structure. This development has been supported by the increasing role of global supply chains, by the implementation of modern IT technologies and was reflected in trade finance. The shift from traditional banking instruments to open account trade was in the long term obvious. The economic environment of the last financial and economic crises brought the necessity of more effective cash management, payment risk mitigation and reduction of operating costs. The BPO represents a resilient instrument based on electronic data exchange which can address the trade finance needs of both traders and financial institutions.