GlobalTrade Corporation, a leading provider of multi-bank trade finance solutions, is the first trade finance technology provider to integrate Alliance Lite2 for Business Applications (L2BA) with its multi-bank trade finance platform for corporates.
GTC offers corporates a single, cost-effective one-stop-shop to automate trade flows with their multiple banking partners – covering over 10,800 financial institutions in more than 200 countries. Since its launch in September 2014, L2BA has enabled more than 75 new corporates to connect to SWIFT.
Per Norman, Head of Treasury and Risk Management, BillerudKorsnäs AB welcomes the news: “Automating trade flows has become a priority for us. The SWIFT-based GTC solution is very attractive as it gives us the opportunity to benefit from a full cloud set-up and a highly standardised multi-bank and secure platform. The combination of SWIFT and GTC will enable us to achieve our goal in the most cost efficient and scalable way.”
SWIFT focusing on trade finance
“Trade Finance is one of the key priorities of SWIFT’s corporate treasury market strategy”, says André Casterman, Global Head of Corporate and Supply Chain Markets, SWIFT. “We are witnessing an increasing control of corporates on their trade finance flows; this is being achieved through centralisation, automation and the use of multi-banking trade solutions. Banks can support this by implementing SWIFT’s standards for trade and supply chain finance such as the MT 798 and ISO 20022. This is an opportunity for trade banks as the technology will help them grow their risk mitigation and financing business.”
CTMfile take: This a new phase in SWIFT connectivity. The cloud based Alliance Lite2 enables service providers to provided SWIFT connectivity as part of their business solution. Will SWIFT connectivity become a pre-requisite of every multi-country service?