Toronto Canada, March 29, 2005 – GlobalTrade Corporation (GTC) has announced today that Europcell GmbH, a major European trader of pulp and paper will use @GlobalTrade Internet based platform for communication with all its banks, internal monitoring, document preparation and collaboration with trade service providers for shipments made under letters of credit.
“We look forward to get our logistics providers to use @GlobalTrade platform for collaboration with us on transport documents that now could be remotely printed at our counters or at the counters of our nominated bank,” said Joachim Seidel, Europcell’s Managing Director. “Our pilot project with GTC has shown that we could achieve up to 7 days DSO saving with remote printing and improve efficiency in our department responsible for document preparation. Having the ability to see our entire portfolio of export credits from all of our banks and set up alarms to monitor documentary and non documentary conditions will reduce our risk, improve monitoring and control and will support the further growth of our business” added Seidel.
“Europcell, already has a very efficient centralized documentary credit department that is producing compliant documentary presentations with zero payments under reserve in 2004,” said Jacob Katsman, Chief Executive Officer of GTC. “I am glad that we could add value to Europcell’s management and employees through our collaborative platform technology.”
HypoVereinsbank, handling a part of Europcell’s Trade Finance business, is already registered with @GlobalTrade Network and is the first bank starting with new services like electronic pre-checking of documents under letters of credit and remote printing of documents for @GlobalTrade users. “@GlobalTrade satisfies the needs of corporate customers that produce and sell globally. HypoVereinsbank is an active partner bank in the process chain of @GlobalTrade Network in order to present the full functionality of @GlobalTrade in a real life environment. We are happy that we could now offer these additional services to our client Europcell.” said Markus Wohlgeschaffen, Managing Director and Head of Trade and Payment Products.
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 services. GlobalTrade services producers and traders that require multi-bank information exchange and document management systems for handling risk exposure and clean document creation, 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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