Australia’s Commonwealth Bank has contracted with US-based Wachovia Bank for the provision of trade finance technology and services.
Wachovia was chosen for its flexible operating model, global reach and risk management tools, says the Australian bank.
Leslie Martin, executive general manager, working capital services, Commonwealth Bank, says: “We are committed to helping companies of all sizes manage their risk and cashflow as well as enhancing operational efficiencies. Wachovia Bank’s technology and processing capabilities will help us to do that.”
Commenting on the deal, Steve Nichols, Wachovia’s head of global trade services, adds: “By leveraging our advanced technologies, we will be able to offer innovative, Web-based products and services to the Commonwealth Bank’s exporters and importers around the world.
“Additionally, by partnering with DHL Logistics, we will be able to bring significant process improvements to the settlement of trade transactions.”