TTP Liquidity Brief | Issue 64 - Supply chain finance, AI, and Zambia's copper

A broad mix this week, from digitalisation and ESG to RTGS, invoice fraud, and our latest slow read.

🌟 A note from the Deputy Editor

We've got a bit of everything for you this week.

Our slow read this week takes a closer look at the concentration of investment-grade buyers and how this is posing one of the biggest obstacles to expanding supply chain finance. If the industry is serious about closing the trade finance gap, can it find a way to extend these programmes further down the credit spectrum?

Elsewhere, we explore whether digitalisation is moving quickly enough to keep pace with global trade, how AI, tokenisation, and modernisation are reshaping lending, and why transition and adaptation finance are becoming increasingly difficult to separate. We've also included a practical guide to navigating the ever-growing collection of EU ESG regulations, alongside the latest developments from Afreximbank.

From the studio, we sat down with Coface Group's CEO to discuss how the organisation is pushing agentic AI to its limits, while the co-founder of Kapwork explains how AI is changing the fight against invoice fraud.

As always, there's plenty to read, watch, and learn.

Until next time — keep scaling.

— The TTP Editorial Team

Country of the Week: Zambia

Did you know that copper accounts for more than 70% of Zambia’s exports? The country sits on part of the Central African Copperbelt, one of the world’s richest copper-producing regions. Zambia’s copper has long connected its economy to global markets, and the metal is becoming even more important as demand grows for electric vehicles, renewable-energy infrastructure, and expanding power grids.

Zambia trade stats (2024):

Total exports: $14.7B

Total Imports: $11.9B

Largest export destination: Switzerland ($4.8B)

Largest import partner: South Africa ($3.09B)

Largest Export: Raw Copper ($7.44B)

Largest Import: Refined Petroleum ($2.11B)

Source: OEC

Slow Read

The instrument that built SCF is now slowing it down

By: Sabeen Ahmed

What obstacles hinder the continued growth of supply chain finance (SCF)? After growing fast for three decades, SCF has begun to slow over the last three years. This article discusses the roots of three challenges the industry needs to address and describes a current, working attempt to solve them.

The way SCF was originally structured, its risk mitigation system is based on the buyer’s unconditional promise to pay for each and every early payment provided to suppliers by SCF providers under a buyer-initiated, buyer-sponsored, and buyer-led programme. Most commonly, this is done in the form of the irrevocable payment undertaking (IPU) or a similar instrument. The IPU’s purpose is to protect SCF providers against non-payments or partial non-payments caused by dilutions – the buyer’s legitimate chargebacks, set-offs, withholdings, or counterclaims.

Trade digest

Treasury, payment and global banking digest

Topic of the week: Real-Time Gross Settlement (RTGS)

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Don’t miss your chance to join the Trade Treasury Payments (TTP) x Sullivan & Worcester LLP Commodities Finance Breakfast Club on 15 September.


Structuring commodity trade finance deals in 2026 and beyond!

From 8.30 to 10.00 AM, the breakfast clubs will bring together leaders from across commodities and trade finance, and we would like you to join us at The Lansdowne Club in London!

For the first time, the average commodity finance deal has crossed the $1 billion mark. Much of that volume is concentrated at the top of the market. Larger players negotiate better rates, faster financing, and more favourable terms simply by virtue of size.

As global commodities markets are more fragmented than ever and financial access is concentrated among top players, this is putting pressure on SMEs and startups, constraining capital access and limiting growth in global economies.

TTP and Sullivan are thrilled to invite professionals across industries to join the conversation to unlock these financing gaps and explore how commodity financing can enhance collaboration for global economic growth!

If you have any questions, please don’t hesitate to reach out. We look forward to welcoming you on 15 September!

👇 Register now.
https://tradetreasurypayments.com/events/ttp-x-sullivan-breakfast-club-structuring-commodity-trade-finance-deals-in-2026-and-beyond

🗓️ Upcoming events

The Central Bank Payments Conference (CBPC)

  • Date: 31 August - 2 September 2026

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The ITFA 52nd Annual International Trade and Forfaiting Conference – Split, Croatia 2026

  • Date: 9-11 September 2026

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BAFT 2026 virtual trade finance workshop

  • Date: 22-24 September 2026

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TTP x Sullivan Breakfast Club: Structuring commodity trade finance deals in 2026 and beyond

  • Date: 15 September

  • Location: The Lansdowne Club, London

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Sibos 2026

  • Date: 28 September - 1 October 2026

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TTP Corporate excellence awards 2026 for trade, treasury & payments

  • Date: 7 October 2026

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