Toronto Canada, June 20, 2005 – GlobalTrade Corporation (GTC) has announced today that ChevronTexaco UK (Chevron) has selected the @GlobalTrade Platform as the communication channel to all its banks for export letter of credit and guarantee messages.
Chevron has already asked its main bankers to use GTCHUB to standardize message delivery in the SWIFT format. Today’s announcement follows a six month pilot project whereby Chevron’s credit department in London has tested GTC’s Global Corporate Enterprise System for documentary credit management. Chevron plans to use GTC’s system to streamline the internal sharing of LC data and document preparation once its main banks are brought on line.
‘The first step towards gaining efficiency in compliant document preparation is the standardized electronic delivery of information,’ said Ron Wells, Chevron’s Credit Manager. ‘We do not want to have to go into various bank systems to view our incoming letters of credit and guarantees. This is not practical and takes more time than receiving a fax. We are glad that GTC is offering an independent multi-bank bridge,’ added Wells.
‘GTC is able to integrate with banks’ back office systems and offer a manual upload option to accommodate banks of all sizes,’ said GTC’s Chief Executive Jacob Katsman. ‘Our company is honoured to service Chevron, and we are certain that with support from banks that are committed to trade services we will be able to offer other value-added solutions, such as the electronic pre-checking and presentation of commercial documents.’ Katsman added.
About GlobalTrade Corporation
GlobalTrade Corporation is a software development house and applications service provider. The company designs, develops and manages innovative, collaborative products and services for global trade industry. GlobalTrade customers are producers and traders that require consolidated access to multiple banks, centralized or delegated document preparation and management, third-party collaboration and risk exposure control; and financial institutions that require secure electronic data exchange with their corporate customers. @GlobalTrade is a registered trademark of GlobalTrade Corporation.
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