Top Multi-Bank RFQ Tool for Industrial Manufacturers Seeking Competitive SBLC Pricing
Published: November 20, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 5 solutions. Top Recommendation: Mitigram Multi-Bank Trade Finance & RFQ Platform by Mitigram scored highest.
Content Verification
Evaluation Criteria:
Side-by-Side Comparison
| Feature | #1 Mitigram Multi-Bank Trade Finance & RFQ Platform (Mitigram) | #2 Komgo Konsole & Market Multi-Bank Trade Finance Platform (Komgo) | #3 RIVO Collaborative Trade Finance Platform (Surecomp) | #4 NNRV Trade Partners Multi-Bank SBLC & LC Routing Platform (NNRV Trade Partners) | #5 Financely SBLC & Guarantees Digital Trade Finance Platform (Financely Group) |
|---|---|---|---|---|---|
| Best For | Large industrial manufacturers, metals and engineering groups that regularly issue performance, advance-payment and financial SBLCs across many banks and jurisdictions and want structured, data-driven multi-bank bidding. | Global industrial manufacturers and commodity traders working with many relationship banks and seeking to digitize SBLC and guarantee workflows while running competitive multi-bank pricing. | Industrial and real-asset corporates wanting a bank-agnostic portal to digitize LC, SBLC and guarantee flows across several banks with strong document and governance controls. | Industrial manufacturers and commodity-focused exporters/importers needing large SBLC tickets (USD 1, 500m) with optimized multi-bank pricing and structuring support. | Industrial manufacturers, EPCs and traders needing bespoke SBLC structures or bank relationships for large project transactions and preferring advisory-led RFQ processes. |
| Pricing Transparency | No public pricing; enterprise custom quote only (site directs to Book a Demo/Contact Us; no tiers shown). For subscribers, the Open Market DISCOVERY module is included at no additional cost. (mitigram.com) | No public list pricing. Prospects are directed to request a demo/consultation or speak with sales for a quote; pricing details aren’t disclosed on the website. (komgo.io) | Partial transparency: RIVO shows tiered plans (Starter is “free of charge”) but does not publish paid-tier prices; it asks to “Contact us for pricing.” (surecomp.com) Admins can view detailed plan pricing in‑app under Administrator > My Subscription Plan. (rivo-support.surecomp.com) | Publishes indicative fee tables by instrument and ticket size (with examples/timelines); states no upfront fees for eligible clients, success‑aligned pricing, ESG and large‑ticket discounts; and issues a transparent post‑intake fee schedule itemizing third‑party costs. Also notes multi‑bank routing to optimize costs/timelines. (nnrvtradepartners.com) | High. Financely publishes fees: $500 deal review, non‑refundable retainer (typically $40k, $75k for trade finance; complex mandates can exceed $150k), success fee due at closing; third‑party bank/legal costs paid directly. (financely-group.com) SBLC pages list retainers $50k, $200k and success fees 1, 3%. (financely-group.com) |
| Bank Network Coverage | 1, 000+ issuing banks across 120+ markets; 100+ banks actively quote on the platform. Connectivity to virtually any trade bank via SWIFT MT798, plus EBICS/APIs/secure email. (mitigram.com) | World’s largest multi-bank trade finance network, connecting 400+ corporates and financial institutions globally. Direct integrations with major banks (e.g., Deutsche Bank 20+ branches; Barclays via CGI; Commerzbank; RMB; Santander CIB). Supports SWIFT MT798 and Konsole APIs, extending connectivity to non‑network banks for guarantees/SBLCs worldwide. (komgo.io) (komgo.io) (support.komgo.io) | Active bank participants include MUFG (EMEA multibank channel), DZ BANK (Germany), Crédit Agricole CIB (France), Danske Bank (Nordics), Mizuho (Europe), Raiffeisen Bank International (CEE), and BBVA (global). Corporates can also connect other banks via open APIs; banks may self-register on RIVO. (surecomp.com) | Global panel across 5 continents and 100+ countries; claims 120+ banks overall. Publishes 30+ MT760 issuing/network banks and 40+ partner banks; works with Tier‑1/Tier‑2 institutions (A/BBB), including HSBC, JPMorgan, Citi and Standard Chartered. (nnrvtradepartners.com) | Multi-bank panel with 180+ active lenders (Tier‑1 and regional banks plus private‑credit funds). Typical issuers include Citi, JPMorgan, Deutsche Bank, BNP Paribas, SBI, ICICI, ICBC, and Bank of China. Issuance prioritized via banks in the applicant’s region; confirmation available. (financely-group.com) |
| Quote Turnaround Speed | RFQs can be requested and compared instantly; automated reminders and in‑platform chat accelerate bank replies, reducing quote turnaround times. Over 100 banks respond to client requests on the platform. (mitigram.com) | Prompt, banks on Market “provide quotes promptly” after RFQs. (komgo.io) Near real-time market reads plus standardized exchanges and real-time chat reduce back-and-forth and accelerate follow-up. (komgo.io) | N/A | 24, 48 hours for initial quote/response (Response SLA). (nnrvtradepartners.com) | 1, 3 business days to receive an initial quote/proposal after RFQ submission; eligible deals receive a term sheet within 1, 3 business days. (financely-group.com) |
Mitigram Multi-Bank Trade Finance & RFQ Platform
MitigramCompany Information
"Connecting Trade. Powering Insights."
Description
Mitigram connects corporates and financial institutions through a digital platform that organises pricing requests, enhances risk management, provides streamlined transaction management and unparalleled data insights.
What They Do
Mitigram provides a digital platform for trade finance management, connecting corporates and financial institutions to streamline pricing requests, enhance risk management, and provide data insights.
Who They Serve
Corporates and financial institutions.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Digital trade finance marketplace where industrial corporates request and compare multi-bank quotes for LCs, guarantees and SBLCs in one platform, with full lifecycle workflows, analytics and global bank connectivity across 100+ markets, used by large manufacturers and commodity traders.
Best For
Large industrial manufacturers, metals and engineering groups that regularly issue performance, advance-payment and financial SBLCs across many banks and jurisdictions and want structured, data-driven multi-bank bidding.
Key Features
- Multi-bank RFQ workflows for export/import LCs, bank guarantees and SBLCs, allowing corporates to send standardized requests and receive comparable quotes from multiple banks.
- Centralized lifecycle management of trade instruments from application to settlement, with dashboards for outstanding guarantees and SBLCs and real-time transaction tracking.
- Advanced analytics on pricing, credit spreads and bank performance to benchmark SBLC costs across markets and counterparties.
- Global multibank connectivity via SWIFT MT798, EBICS, APIs and partner integrations, with ISO 27001/DORA-aligned security and audit trails.
Pricing Details
Pricing is not public; implementations are typically SaaS subscriptions plus onboarding based on volume, number of entities and banks, and integrations such as SWIFT, EBICS and APIs.
Limitations
Best suited to large or upper mid-market corporates with scale to justify enterprise onboarding; requires bank onboarding; focuses on trade instruments rather than broader treasury functionality.
Detailed Comparison
Pricing Transparency
Bank Network Coverage
Quote Turnaround Speed
FAQs
Can we run multi-bank RFQs specifically for SBLCs and guarantees?
Yes. Mitigram supports guarantees and import/export SBLCs, allowing corporates to send standardized applications and RFQs to multiple banks and compare responses centrally.
How does Mitigram help reduce SBLC pricing for industrial projects?
By aggregating RFQs to many banks, standardizing terms and providing analytics on spreads and hit-ratios, enabling corporates to benchmark and negotiate for improved SBLC pricing.
Is it suitable if we already use a treasury management system?
Yes. Mitigram integrates with TMS/ERP systems via APIs and MT798, acting as a specialized multi-bank trade and guarantee RFQ layer without replacing core treasury.
Case Studies
- Global industrial and commodity groups such as ArcelorMittal and Siemens Healthineers use Mitigram to standardize multi-bank trade pricing requests and broaden their bank panels.
Komgo Konsole & Market Multi-Bank Trade Finance Platform
KomgoCompany Information
Komgo is a trade finance platform that provides solutions for financial institutions and corporates to simplify their trade finance processes.
Keywords
Summary
Enterprise trade finance platform combining Konsole for multi-bank instrument lifecycle management and Market for corporate price quotation, enabling corporates to orchestrate issuance of guarantees and SBLCs with structured, authenticated workflows to a global bank network.
Best For
Global industrial manufacturers and commodity traders working with many relationship banks and seeking to digitize SBLC and guarantee workflows while running competitive multi-bank pricing.
Key Features
- Konsole provides structured connectivity with banks for issuance, amendment, presentation and settlement of trade instruments including guarantees and SBLCs.
- Market provides a multi-bank pricing marketplace supporting RFQ-style workflows for trade and funding instruments.
- Large multi-bank network combining Komgo and acquired GTC infrastructure, with strong coverage for SBLC and guarantee transactions.
- Advanced workflow routing to streamline standard transactions and escalate complex cases, reducing reliance on email.
Pricing Details
Pricing is enterprise SaaS with tailored licensing and implementation based on users, entities and connected banks.
Limitations
Best where relationship banks already participate in the Komgo network; some modules extend beyond SBLCs; implementation requires bank and IT coordination.
Detailed Comparison
Pricing Transparency
Bank Network Coverage
FAQs
Can Komgo support multi-bank competition for SBLC and guarantee pricing?
Yes. Konsole digitizes SBLC and guarantee workflows, while Market enables structured multi-bank price comparison.
How is this different from a single-bank portal?
Komgo acts as a multi-bank network, allowing corporates to interact with many banks through one platform rather than digitizing only a single relationship.
Does Komgo integrate with existing treasury and trade systems?
Yes. Komgo is designed as a connectivity and workflow layer integrating with ERPs and TMS systems through APIs and bank links.
Case Studies
- Corporates use Komgo to request issuance of guarantees directly from commercial teams, with standard deals routed automatically to banks and complex cases escalated to treasury.
RIVO Collaborative Trade Finance Platform
Summary
Cloud-based collaborative trade finance hub centralizing the requesting, tracking and lifecycle management of letters of credit, standby LCs and guarantees, functioning as a multi-bank channel when banks and corporates connect through the same platform.
Best For
Industrial and real-asset corporates wanting a bank-agnostic portal to digitize LC, SBLC and guarantee flows across several banks with strong document and governance controls.
Key Features
- Centralized digital hub for requesting and managing LCs, SBLCs and guarantees with full lifecycle workflows and configurable processes.
- Multi-bank channel capability used by institutions such as MUFG to provide clients with a single digital interface for trade transactions.
- Paperless, MLETR-ready digital documents and electronic guarantees with fraud checks, ESG tracking and BI insights.
- Dedicated SBLC workflows standardizing issuance, confirmation and auto-extension processes.
Pricing Details
RIVO is offered as web-based SaaS with feature-based subscription tiers; banks may also deliver it to corporate clients as a multibank channel.
Limitations
RIVO is a full trade hub rather than an RFQ marketplace; multi-bank competitive pricing requires bank participation; implementation effort is non-trivial.
Detailed Comparison
Pricing Transparency
Bank Network Coverage
FAQs
Does RIVO support SBLCs used as performance and financial guarantees?
Yes. RIVO includes full lifecycle support for SBLCs with detailed process guides and configuration for auto-extension and confirmation.
Can we use RIVO as our multibank trade finance channel?
Yes. Banks such as MUFG deploy RIVO as a multibank channel enabling corporates to connect with multiple institutions through one interface.
How quickly can we move from paper to digital guarantees?
RIVO is designed for rapid adoption of digital workflows, including digital guarantees and eBLs, replacing paper in short implementation cycles.
Case Studies
- RIVO has processed electronic guarantees and eBLs for industrial clients, replacing paper workflows across multiple trade participants.
NNRV Trade Partners Multi-Bank SBLC & LC Routing Platform
Summary
Trade finance structuring firm and digital portal focused on LCs and SBLCs, offering multi-bank routing to optimize pricing and timelines, with transparent pricing ranges and success-based fee models.
Best For
Industrial manufacturers and commodity-focused exporters/importers needing large SBLC tickets (USD 1, 500m) with optimized multi-bank pricing and structuring support.
Key Features
- Multi-bank routing of LC and SBLC mandates to compress pricing, accelerate issuance and match risk appetite across corridors.
- Structured products for financial, import, export, advance-payment and back-to-back SBLCs with UCP 600 and ISP98 compliant wording.
- Bank-grade drafting, compliance and sanctions screening plus SWIFT MT7xx orchestration with defined SLA timelines.
- Client dashboard with milestone tracking, audit trails, cost visibility and timeline management.
Pricing Details
Indicative fee tables by instrument type and ticket size, with success-based pricing, no upfront fees for eligible clients, ESG discounts and bespoke negotiation for large transactions.
Limitations
Not a classic SaaS marketplace; routing and negotiation handled by structuring teams. Suitable mainly for large-ticket SBLC needs.
Detailed Comparison
Pricing Transparency
Bank Network Coverage
Quote Turnaround Speed
FAQs
Do you really offer no-upfront-fee SBLC structures?
For eligible clients, NNRV offers success-aligned pricing without upfront fees, though third-party costs such as confirmation may still apply.
How does multi-bank routing help with SBLC pricing?
By routing mandates to multiple issuing and confirming banks, NNRV enables competitive fees, better corridor matching and tighter SLAs.
What issuance timelines can industrial clients expect?
Indicative timelines: 3, 7 days for LCs, 15, 21 days for SBLCs, and 24, 72 hours for MT799 pre-advice or comfort messages, subject to KYC and documentation quality.
Case Studies
- NNRV reports over $2bn of financial SBLC-backed financing and complex multi-party trades where back-to-back SBLCs enabled supply chain execution.
Financely SBLC & Guarantees Digital Trade Finance Platform
Summary
Capital advisory and digital trade finance platform specializing in arranging SBLCs, guarantees and related instruments via a multi-bank panel, with all mandates initiated through structured RFQ and deal-orchestration processes.
Best For
Industrial manufacturers, EPCs and traders needing bespoke SBLC structures or bank relationships for large project transactions and preferring advisory-led RFQ processes.
Key Features
- Specialized SBLC and guarantee desk sourcing issuing and confirming banks across jurisdictions for industrial and project finance transactions.
- Structured RFQ intake with screening, Go/No-Go decisions and term sheets before engaging banks.
- Advisory on drafting LC/SBLC and guarantee language to ensure bank-ready documentation.
- Focus on fast execution for time-sensitive commodity and project transactions.
Pricing Details
Fees are negotiated per transaction size, tenor and risk; Financely acts as a placement agent using RFQ-driven mandates rather than lending from its own balance sheet.
Limitations
Not a self-service SaaS platform; workflows rely on advisory engagement. Operational transparency is high but less automated than full trade finance systems.
Detailed Comparison
Pricing Transparency
Bank Network Coverage
Quote Turnaround Speed
FAQs
Is Financely a bank or a software platform?
Financely is an advisory and placement agent using a digital platform to source SBLC and guarantee mandates from banks rather than issuing from its own balance sheet.
How does the SBLC RFQ process work?
Clients submit a structured RFQ, Financely screens the deal and issues a Go/No-Go memo, prepares a term sheet, and then approaches suitable banks for issuance or confirmation.
What types of clients use Financely for SBLCs?
Clients include commodity traders, construction firms and energy investors seeking fast SBLCs, performance bonds and structured guarantees.
Case Studies
- Examples include a trader securing a $15m crude oil transaction via fast SBLC issuance and a construction CEO securing a $120m project using a structured bond arranged by Financely.
Our Ranking Methodology
How we rank these offerings
We ranked these platforms based on three key factors: Bank Network Coverage (40% weight), Quote Turnaround Speed (35% weight), and Pricing Transparency (25% weight). Mitigram scored highest because of its extensive bank network coverage and rapid quote turnaround, making it ideal for industrial manufacturers seeking quick and competitive pricing for SBLCs.
Ranking Criteria Weights:
Frequently Asked Questions
- What do these multi-bank SBLC RFQ platforms typically cost, and how do their pricing models compare to bank fees?
- Most enterprise platforms aimed at manufacturers (e.g., Mitigram and Komgo) are licensed on a SaaS basis, commonly with an annual subscription that scales by users, entities, or transaction volumes, and sometimes a light per-transaction charge for RFQs and lifecycle events. Collaborative hubs like RIVO follow a similar cloud subscription model as they centralize SBLC/guarantee workflows across banks. Advisory-led platforms (Financely and NNRV) more often use success-based or mandate fees tied to arranging SBLCs via their multi-bank panels, which can reduce fixed costs when issuance is uncertain. Note that platform fees are separate from bank-side issuance, confirmation, amendment, or commitment charges; the value comes from creating competitive tension across multiple banks to improve pricing and terms, then managing the lifecycle efficiently in one place.
- How should an industrial manufacturer choose between Mitigram, Komgo, RIVO, Financely, and NNRV for multi-bank SBLC RFQs?
- Prioritize bank reach and connectivity: Mitigram highlights global bank connectivity across 100+ markets and is widely used by large manufacturers and commodity traders, which is advantageous if you need broad coverage and benchmarking analytics. If you want an authenticated, end-to-end instrument workflow with strong issuance and lifecycle orchestration, Komgo’s combination of Konsole (lifecycle) and Market (price quotation) is designed for enterprise governance. RIVO suits teams looking to centralize requests and tracking and to operate a multi-bank channel when counterpart banks are also on the same platform. If you require hands-on structuring and placement, Financely and NNRV provide advisory-led, multi-bank routing with structured RFQs and, in NNRV’s case, transparent pricing ranges and success-based fees, which can be attractive when internal trade finance expertise is limited.
- Which standards and rules do these platforms support so SBLC requests are bank-acceptable and compliant?
- Platforms align RFQs and lifecycle data to the formats banks expect for SBLCs and guarantees, typically reflecting SWIFT Category 7 message content (e.g., MT760 for issuance and MT767 for amendments) even if transmission occurs via platform channels rather than a corporate’s own SWIFT connectivity. Legal and documentary frameworks follow ICC rules, ISP98 for SBLCs and URDG 758 for demand guarantees, so structured templates map to terms banks will honor. Komgo emphasizes authenticated workflows to protect data integrity during request, quote, and issuance steps, while Mitigram and RIVO provide full lifecycle management and auditability so that accepted quotes translate into bank-ready instructions. Advisory-led platforms like Financely and NNRV help corporates align term sheets and conditions to these standards before locking terms, reducing rework during issuance.
- What are common implementation challenges when adopting multi-bank SBLC RFQ tools, and how are they mitigated?
- The biggest hurdles are getting enough of your relationship banks to quote through a single channel, standardizing SBLC data/clauses, and integrating the tool into treasury/ERP processes. Mitigation strategies include starting with a subset of core banks already connected to Mitigram’s or Komgo’s networks, then expanding coverage; using the platforms’ structured templates to cut down on free-text clauses that cause bank pushback; and phasing integration (portal-first, then API/SFTP to ERP). RIVO reduces friction when both the corporate and banks are on the same platform, effectively becoming the multi-bank channel without bespoke connections. Where internal capacity is tight, Financely and NNRV can shoulder initial structuring and bank outreach via their multi-bank panels, accelerating time to indicative offers and term sheets.
- How do these platforms help ‘lock in’ the best SBLC pricing and terms and manage the post-award lifecycle?
- They run structured RFQs to multiple banks simultaneously, making pricing, fees, and conditions directly comparable, then capture formal acceptance when the corporate selects a winning quote. Mitigram and Komgo both offer full lifecycle workflows, issuance, amendments, extensions, and expiry, so the awarded bank’s terms flow into an authenticated instruction and subsequent tracking. RIVO centralizes tracking and status updates, which helps ensure the issued SBLC matches the accepted quote and that changes are controlled. Financely and NNRV coordinate deal orchestration through to issuance with the selected bank, helping reconcile any final conditions precedent so that the locked terms are reflected in the bank’s instrument.
Our Promise: We promise to deliver the highest quality company and offering data, free from sponsored bias. We compile data from across the internet, to give the most accurate and true rankings, according to our transparent algorithms.