9 5 FACILITATING SERVICES DIGITAL SETTLEMENT A FASTER MORE EFFICIENT WAY TO LEVERAGE BANK EXPERTISE AND TRUST In many ways the BPO a facilitating product that enables automated invoice reconciliation and settlement as well as helping to mitigate payment risks and unleash trapped liquidity is a classic example of how more efficient digital services can leverage banks expertise to find new ways of creating value for corporates UniCredit is leading the way by increasing the adoption of BPOs having been the first bank in both Germany and Italy to facilitate a BPO transaction DEVELOPMENT OF THE BPO BPOs enter an environment that is already experiencing great change In 1970 letters of credit LCs accounted for half of world trade settlement Now over 80 of transactions are conducted on open account terms i e with no documentary risk mitigation Yet the launch of BPOs in 2007 has established a compelling third option for the trade finance market one that respondents to a 2014 SWIFT survey at SIBOS voted the most important recent development in trade receiving 34 of the total vote

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