The International Trade and Forfaiting Association (ITFA) and Komgo SA have released a visual trade finance taxonomy. The taxonomy builds on the previous trade finance guide launched in conjunction with Trade Finance Global (TFG) in 2020.
The taxonomy will complement initiatives like the Global Supply Chain Finance Forum's (GSCFF) Standard Definitions for Supply Chain Finance. Many earlier initiatives focused on creating standards and standardizing terminology within a specific trade finance industry. The Trade Finance Taxonomy aims to break down these siloes by looking at the industry as a whole.
One of the visions for this Trade Finance Taxonomy is to provide policymakers worldwide with a single view of how these assorted tools relate to one another and facilitate trade. This additional understanding would better equip policymakers and legislators to address the needed legal and legislative reforms.
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