<Announcement> Triterras announces the addition of two new hires to serve a growing pipeline of funding opportunities. Click for press release. 

  • Home
  • Resources
  • The Next Big Thing: A Roadmap for Infrastructure Transformation

The Next Big Thing: A Roadmap for Infrastructure Transformation

By: Sri Vasireddy, CTO

As a leader in digital trade finance and trade digitalization, Triterras is driving efforts to modernize the industry. We’ve identified three phases of digital transformation that can help increase efficiency, improve responsiveness and enhance security in the trade finance space.

While the first post in this series gave a broad overview of the three phases, this post will describe Phase 1 in more detail.

Three phases of digital transformation in trade finance


Laying the foundation for increased efficiency

Every financial company has a technology platform, and every platform encompasses both functional and non-functional elements. The non-functional infrastructural aspects that address the “-ities,” such as security, quality, reliability, stability and availability, serve as foundational elements. By laying a solid infrastructural foundation in Phase 1 of digital transformation, companies can improve the efficiency of delivering the functional elements. We will cover the modernizing of these functional elements in the next blog post.

The goal should be to automate as many non-functional elements as possible, so that companies can spend the majority of their time on the functional items that set them apart.

Three keys to infrastructure transformation

Future-focused companies are adopting a culture of DevSecOps where development, security and operations teams work collaboratively to automate their processes from end-to-end, with a goal to shift testing left to identify issues as early as possible. We will dive deeper into each of the principles listed below in more detail in the following sections.

  1. Create a “shift left” mindset to improve cost
  2. Adopt a culture of automation to reduce time and effort
  3. Test more and earlier to improve quality and security

1. Create a “shift left” mindset to improve cost

In the traditional model of software or application development, testing occurs late in the process. Many problems are not identified until quality assurance (QA)/user acceptance testing (UAT) or sometimes even in production. There have been studies that show that the later in the software development lifecycle an issue is identified, the higher the cost of resolving it — as much as 100 times more.

Here is one estimate of the costs to resolve problems that are found at different stages:

Source: BMC blogs (https://www.bmc.com/blogs/what-is-shift-left-shift-left-testing-explained/)

This increases time to market and leads to unexpected errors. Worse, it creates a vicious cycle in which, just as one problem is fixed, the business requests something else, which creates new problems that need to be addressed…and the cycle repeats.

In contrast, the shift left model creates a virtuous cycle for development. Costs are reduced through continuous and automated testing running overnight. Delivery speed is increased and time to market is decreased by enabling a constant feedback loop. And by constantly reviewing changes and progress, companies can minimize unexpected errors and improve satisfaction.

  1. Adopt a culture of automation to reduce time and effort

DevSecOps is a culture of automating as much as possible, including testing, release and operations processes. Testing automation allows testing to be conducted by machines overnight. Rather than having human teams spend their time on repetitive testing of old features, they can focus on testing new features or improving testing strategies.

Automated testing can provide error reports in an easy-to-quantify dashboard to help developers identify what needs to be addressed, thereby improving effectiveness of development teams.

Automation can also speed up release management by allowing the company’s business users to test and bless the application sooner. Automating the release process can help business users see how the code performed in different environments and different stages of testing. This gives them the confidence to make a data-driven decision to approve the code for release.

It’s also important to look for ways to automate operations. If a server breaks, there should be a means of automatically detecting it, and a process for immediately responding. Systems should have a way to instantly bring up additional capacity to stay up and running.

Automation can free up resources to do things that are more useful and productive. This allows companies to focus on new features that customers demand – and that can differentiate a company.

  1. Test more and earlier to improve quality and security

Applying more automation allows companies to test in additional dimensions. And shifting left allows companies to test earlier in the development timeline and identify issues. Most legacy companies can only test functionality on a daily basis, but truly modern companies embrace the culture of DevSecOps complete security and performance testing before every release, while releasing more often.

Rigorous security testing should verify the confidentiality, integrity and availability of information – CIA for short. Performance testing should seek to determine how responsive the software or application is. The goal is to answer three questions:

  • Is the application doing what it’s supposed to do?
  • Is it fast enough that customers are enjoying the experience?
  • Are we able to prevent break-ins?

The challenge with automating testing is that most companies’ existing teams know what to test, how to release and procedures to follow if something goes wrong. But they’re not as experienced with automation. Newer talent may know how to automate, but they don’t understand the existing systems and processes. Companies that bring these two profiles together to collaborate are more likely to find success.

Modernizing infrastructure is just the first step

Triterras is digitizing manual processes and outdated technology to enhance convenience, speed and risk mitigation in the trade finance space. The goal is to improve outcomes for our partners and traders by increasing productivity and efficiency.

Companies should be looking for ways to transform their infrastructure in order to close the gap between development and business teams. Reducing the amount of time spent on non-functional tasks will lay the groundwork to focus on functional work that differentiates the company and enhances its competitive advantage.

The next article in this series will describe how to bring in no-code solutions to make differentiated work more efficient and minimize rework.


Related Articles

New hires to serve growing pipeline of funding opportunities

BY Triterras
Reporting to the Head of Distribution & Sales Strategy, the new hires will engage with institutional investors who are interested in deploying capital for cross-border trade finance opportunities. This comes on the back of Triterras' expansion of its lending portfolio in both emerging and developed markets.

Private Capital Investors in Trade Finance: An Asset Manager’s Perspective

Private capital within trade finance activity comes from a diverse range of participants. Given the widening global trade finance gap, trade finance has increasingly been attracting private capital across the credit spectrum and a range of participation formats. However, there are several factors which have hampered its development as a mainstream subset of private credit.

The transaction banking revolution has only just begun

BY Euromoney
Congratulations to our Triterras’ Chief Commercial Officer (CCO) Ashish Srivastava, who was interviewed and quoted in the article “The Transaction Banking Revolution has Only Just Begun” by Euromoney. Ashish was featured along with C-Suite Executives from Citi, HSBC, Deutsche Bank and Standard Chartered Bank, among others.

Global Trade Finance Gap Expands to $2.5 Trillion in 2022

BY Asian Development Bank
Global Trade Finance gap, the difference between requests and approvals for financing to support imports and exports, grew to a record $2.5 trillion in 2022 from $1.7 trillion two years earlier, as rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing, according to the 2023 Trade Finance Gaps, Growth and Jobs Survey released today by the Asian Development Bank (ADB).

How blockchain-based facilities can close the $2tn global trade finance gap

BY Trade Finance Global
Measured at $1.7 trillion in 2020 and surpassing $2 trillion today, the trade finance gap hinders SMEs who tend to be the most credit-constrained, with half their trade finance requests as compared with only 7% for MNCs. 68% of SME companies surveyed did not seek alternatives after being rejected.
The image illustrates the impact of COVID-19 on Trade and Trade Finance.

The Impact of COVID-19 on Trade Finance: A Retrospective Analysis

BY Triterras
The COVID-19 pandemic caused significant disruptions to trade finance, challenging its traditional processes and resilience. Despite the initial setbacks, the industry demonstrated remarkable adaptability by embracing digital solutions and collaborating with governments and institutions.
Cover image of the live DxTalks & CRYPTOTALKS by Ashish Srivastava on 'Innovating Trade Finance for MSMEs'.

Innovating Trade Finance for MSMEs

BY Triterras
Ashish Srivastava, our Triterras' CCO and Rudy Shoushany, Founder of DxTalks, discuss how Triterras is solving the problems for the world's Micro, Small & Medium Enterprises (MSMEs), and the way Blockchain is playing a role in Trade Finance by helping to reduce risk associated with global trade in reconciling the divergent needs of exporters and importers.
The cover image of a blog with a Forex market chart hologram and a personal laptop background illustrates the Future of Fintech.

The Future of FinTech: The Technological Revolution in Trade Finance

BY Triterras
Trade Finance has archaically been dependent on manual, paper-intensive processes, rendering it laborious and susceptible to errors, precipitated numerous challenges, encompassing a lack of transparency, processing delays, and restricted accessibility. FinTech is assuming a crucial role in modernizing Trade Finance by ushering in groundbreaking solutions that streamline processes, mitigate risks, and augment efficiency.
Tops of modern corporate buildings against the clear sky with an airplane.

The Rising Influence of Non-Bank Financial Institutions in today’s market

BY Triterras
NBFIs, such as fintech companies, credit unions, and insurance firms, are challenging traditional banks by offering innovative financial services that are often more efficient, cost-effective, and customer-centric. They are leveraging technology to provide services like peer-to-peer lending, mobile payments, and robo-advising, which were once the exclusive domain of traditional banks.
The banner image of the article 'The Impact of Intrest Rates on Trade Finance'.

Impact of Changing Interest Rate Expectations in US & Europe on TF Flows

BY Triterras
Trade finance, the financial instruments and products that enable international trade, are significantly influenced by interest rate expectations. As global trade powerhouses, the US and Europe's interest rate changes can ripple across worldwide trade finance flows.
Banner image of Read comments by Ashish Srivastava on 'Trade finance volumes robust as growth slows'.

Trade finance volumes robust as growth slows

BY Euromoney
Do trade providers expect growth or slowdown in global trade? Predictions that global trade will stagnate for the remainder of this year due to factors such as financial vulnerabilities and inflation. Ashish Srivastava, our Triterras' CCO tells Euromoney, "Global increase in trade finance lending interest rates in MSME segment has curtailed demand as certain marginally profitable business models do not support borrowing at higher rates”.
Banner image of 'Financial market volatility complicates funding environment' insights by Mr. Srinivas Koneru.

Financial market volatility complicates funding environment

BY Treasury Today Group
Trade finance is always a topic where the gap continues to widen and as much as companies are doing their best to close the gaps, there continues to always be the next hurdle. In this Treasury Today Group article, Mr. Srinivas Koneru, our Triterras' Chairman & CEO, refers to the trade finance market as cyclical, but adds that stricter capital requirements have reduced the amount of funding banks can make available for trade finance over the last 5 years.
Banner image of the resource titled 'The Resurgence of Letters of Credit'.

The Resurgence of Letters of Credit: A Response to Tightening Liquidity & Rising Interest Rates

BY Triterras
The resurgence of LCs is a testament to the resilience and adaptability of the global trade finance industry. It demonstrates the industry's ability to respond to changing circumstances, whether it is the rise of digital technology or the tightening of liquidity, it also underscores the enduring relevance of traditional financial instruments.
Banner image for the insight on 'Trade Finance Receivables: A Growing Asset Class'.

Trade Finance Receivables: A Growing Asset Class

BY Drip Capital
Trade finance assets have traditionally been ignored by investors because they perceive them as a complicated and unstructured asset class with multiple variations dependent on geographies, commodities or goods, and counterparty. But in recent years, this lesser-known asset class has drawn increasing interest as an uncorrelated investment with low risk and the possibility of high returns.
Banner image for the resource titled 'Impact of the fallout of regional US banks'.

Impact of regional US banks’ fallout on Trade Finance: How LC & Open Account Financing fared in the crisis

BY Triterras
The shocking failure and the dramatic shutdown of Silicon Valley Bank (SVB) within 48 hours in March 2023, began with a Twitter-fuelled bank run, government actions (or inactions), Fed’s rate hikes, poor risk management, etc. The fallout from the collapse of America’s 16th largest commercial bank (followed by the Credit Suisse crisis), created a perfect storm that engulfed in itself, other US regional banks and rattled financial markets.
The banner image of the article 'Trade finance must digitalize to combat fraud' published on Euromoney by Ram Arapally, Triterras.

Trade finance must digitalize to combat fraud

BY Euromoney
When it comes to trade finance, it seems that the system is stuck in a time machine in the past. The traditional, and now seemly old-fashioned trail of paper trade documents are proving that the numbers frequently do not add up. Paul Golden at Euromoney spoke to Ram Arapally of Triterras in this great piece to help provide solutions to combat fraud and discuss the future of digitalization in trade finance. Digitalizing the system may just be the best way to match up those numbers.
Image of piled-up folders with paper documents.

The world’s trading system needs to ditch its paper trail

BY Financial Times
The world today is a digital one. Yet the global trading system is suffocating under a mountain of billions of paper documents. Currently, a trade transaction can require up to 40 different paper-based trade documents, many of which ask for the same information over and over again. The process is slow, costly and can take up to two to three months to complete.
Image of an infographic showing the dominance of Asia, Africa & the middle East in global trade be 2030.

A new paradigm for global trade

BY Standard Chartered
Global trade is shifting, with new centers emerging in Asia, Africa and the Middle East. High-growth corridors in these regions will help propel global trade from USD21tn to USD32.6tn by 2030. However, are businesses prepared to capture the opportunities offered by these shifts, given that almost half the global business leaders of today, are struggling with the impact of rising geopolitical tensions, tariffs, inflation, and energy prices?
Banner image of the resource titled 'DIGITAL SUPPLY CHAIN FINANCE IS THE FUTURE FOR GLOBAL ECONOMIC DEVELOPMENT & RECOVERY' by Ashish Srivastava, Chief Commercial Officer at Triterras.

Digital Supply Chain Finance is the future for global economic development & recovery

BY Triterras
Did you know that Supply Chain Finance is one of the fastest growing markets? But despite its rapid volume increase over the past few years, there is still a financing gap of $1.7 trillion as of 2020. Triterras' Chief Commercial Officer Ashish Srivastava explains the gap, how it impacts businesses and how digital supply chain is the future for economic recovery.
Banner image of Read comments by Srinivas Koneru on 'CRR hit to trade-finance banks should be avoided'.

CRR hit to trade-finance banks should be avoided

BY Euromoney
Will the banking sector notice an increase in the cost of trade finance instruments? Mr. Srinivas Koneru, our Triterras' Chairman & CEO sheds light on this with an explanation on how banks will be selective with funding, and ultimately impacting small to medium businesses. The EU Capital Requirements Regulation (CRR) seems to have notable impacts on EU banks.
Scroll to Top
Scroll to Top Skip to content