TORONTO Canada, October 7, 2004 – GlobalTrade Corporation has announced that Siemens Financial Services GmbH (SFS) has gone live with GlobalTrade Corporation’s (GTC) @GlobalTrade SWIFT/DTAEA Converter & eLC Delivery Service. First commercial transactions from Bank of China, Frankfurt Branch and from Misr Bank Europe have been successfully delivered electronically in German DTAEA format to the headquarters of SFS in Erlangen Germany.
SWIFT/DTAEA Converter & eLC Delivery System enables banks to convert SWIFT category 7 Documentary Credit files into German DTAEA format. The banks are able to enhance the messages by adding information to them such as the advising bank’s cover letter, confirmation terms, bank charges, and contact details before transmitting the data to the beneficiary through the agreed electronic format and data channel. In turn a higher quality message is delivered from the bank to the corporate customer in a faster way.
“We are very pleased with this development said Gerhard Heubeck, Team Head of Documentary Business of Siemens Financial Services GmbH. Now we have a tool with which to connect about 25 per cent of the banks that before could not send us electronic messages.”
Ulrich Caspary, Head of International, Bank of China Frankfurt Branch said,”GlobalTrade Corporation has offered us to test their system with five of our major clients. We had positive feedback from all clients and are glad to now be able to offer this service.”
Bernd Hartmann, Head of International, Misr Bank-Europe GmbH stated, “As a niche player we have to carefully listen to our customers demands to stay competitive and to provide an excellent service in order to reach our goals. GlobalTrade helped us to make a step forward to not only consolidate but increase our slice of the market.”
About Siemens Financial Services GmbH
With about 1,500 employees and an international network of financing companies coordinated by Siemens Financial Services GmbH, Munich, Siemens Financial Services (SFS) offers a broad range of financial solutions. This covers services from sales and investment financing to treasury services, fund management and insurance brokerage. Key customers of our companies are internationally active industrial and services companies as well as public-sector operators. For further information about SFS see
About Bank of China, Frankfurt Branch
Established in 1989 Bank of China, Frankfurt Branch (BoC Frankfurt) provides a wide range of services to both private and corporate customers. As one of the largest BoC branches in Europe BoC Frankfurt focuses on supporting its customers in their trade business with China. During the last 15 years BoC Frankfurt has become a well-known member of the Frankfurt banking community and a reliable partner to most of the major German companies. In 2003 the turnover of the bank’s documentary business exceeded 2 Bill. EURO.
About Misr Bank-Europe GmbH
Misr Bank-Europe GmbH was established in 1992 in Frankfurt (Germany) with the main target to facilitate the trade between Egypt and Europe. Documentary Letters of Credit are a widely used instrument to secure payment to the exporters. Five of the major Egyptian banks are the shareholders of Misr Bank-Europe GmbH with a registered capital of Euro 30 Million.
About GlobalTrade Corporation
GlobalTrade Corporation (GTC) designs, develops and manages innovative, collaborative products and services for global trade services. The Company 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 GTC.
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