HVB, the second largest private-sector bank in Germany providing trade finance and trade services to a wide variety of corporate clients and other financial institutions has entered into an agreement with GlobalTrade Corporation (GTC) to cooperate as an active partner bank in the process chain of @GlobalTrade, starting with electronic pre-checking of documents under letters of credit.
@GlobalTrade enables exporters to receive letters of credit electronically, share information with their factories and other departments, create compliant documents, collaborate on these documents with respective trade service providers, and now submit them back to HVB for online checking.
“Our clients have told us that they need to have better control over their operational risk, reduce processing costs and improve their days sales outstanding especially when exporting on letter of credit terms,” says Markus Wohlgeschaffen, managing director and head of trade and payment products. “@GlobalTrade satisfies the needs of corporate customers that produce and sell globally. HVB will be 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,” adds Wohlgeschaffen.
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 controlling risk exposure and document creation, and financial institutions that require document preparation solutions and secure electronic data exchange with their corporate customers.