TradeSun to acquire ESG scoring platform for banks Coriolis
US-based TradeSun, which provides an AI-powered platform for trade finance processing and compliance, is acquiring Coriolis Technologies to expedite ESG-compliant trade.
It comes after the two companies partnered up earlier this year to allow banks to measure their ESG performance across trade transactions. San Diego-based TradeSun says the acquisition will allow it to bring in “further innovation across trade and the supply chain”, and marks the first steps in its plans for expansion.
Coriolis provides an independent ratings-based platform, developed with more than 50 financial institutions, that scores, monitors and verifies supply chain players against the 17 UN Sustainable Development Goals as well as other key regulatory frameworks. The platform “facilitates supply chain transparency by measuring ESG impact throughout all tiers in trade supply chains”, TradeSun says. It was this innovative platform that brought around the original partnership in August, and is now resulting in a much closer bond between the two firms.
Banks have ‘central role’ in facilitating sustainable trade
Nigel Hook, TradeSun CEO and Founder, says: “With regulations evolving fast to mandate sustainable commerce, banks will increasingly play a more central role in facilitating and guiding the trade ecosystem to adopt more sustainable practices.
“[Coriolis founder] Dr Rebecca Harding and I concur that, with sustainable financing becoming more prevalent, parties across the trade ecosystem will naturally strive to gain better ESG scores. The acquisition will support both financial institutions as well as supply chain players to assess and modify their businesses to meet industry and sovereign ESG goals.”
Dr Rebecca Harding continues: “Global trade must have the tools to better measure ESG impact in order to meet increasingly ambitious sustainability targets set by governments and industry. The acquisition of Coriolis will support and take forward the vision and roadmap for automated ESG scoring and more sustainable trade. This is an exciting development and a significant measure of the importance of ESG in trade finance.”
