Toronto, Canada, August 16, 2010 – GlobalTrade Corporation (GTC) is the first technology company in the world to earn the ‘SWIFTReady for Corporates’ Trade Finance label. This label was introduced in 2010 and complements the SWIFTReady Trade Finance banking application label. This new label for corporates covers business applications that are capable of processing and exchanging trade flows such as applications for the issuance of import documentary credits, standby letters of credit, and bank guarantees, and advice of export documentary credits. This label has been awarded after successful technical and functional validations, as well as a customer reference check by SWIFT experts.
‘This new SWIFTReady label is a strong sign to the industry that SWIFT standards and connectivity in the corporate to bank space are becoming more and more widely adopted to increase automation and reduce processing costs, for more and more business activities,’ said Patrik Neutjens, Head of Partner Management. ‘This SWIFTReady certification for Corporates – Trade Finance further completes the availability of SWIFT-automated solutions in this very important space. We are very pleased that the cooperation between GTC and SWIFT has resulted in the first label in this market segment being awarded to GTC,’ he added.
‘SWIFT Ready certification is an important milestone in the development of our solutions for corporates,’ said Nick Pachnev, CTO of GlobalTrade Corporation. ‘It demonstrates GTC’s ongoing commitment to providing its clients with innovative solutions incorporating proven technologies and best market practices. Corporates can now use SWIFT, the largest bank communication network in the world, for secure electronic connectivity to multiple banks dealing with their letters of credit and bank guarantees.’
‘SWIFT delivers the single window for corporates to more than 9,000 financial institutions worldwide as well as message standards to process any trade finance information between corporates and banks, explained Urs Kern, Senior Market Expert for Trade and Supply Chain at SWIFT for EMEA. ‘GTC’s platform provides the whole range of business functionalities and integration to the ERP system. Benefits for corporates include reduced costs and operational risks due to faster electronic processing and a global view on outstanding credit facilities. Customers in many countries have confirmed their strong interest in this collaborative offering.’
SWIFT is a member-owned cooperative that provides the communications platform, products, and services to connect over 9,000 banking organizations, securities institutions, and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk, and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards, and debate issues of mutual interest. For more information, see www.swift.com.
GlobalTrade Corporation (GTC) is a software developer and applications service provider whose product solutions improve the world of trade finance and trade services. Our @GlobalTrade systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Our customers include both business enterprises that need consolidated access to multiple banks as well as financial institutions that require supply chain finance solutions to meet their clients’ needs. @GlobalTrade™ is the registered trademark of GlobalTrade Corporation.
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