Bank of New York Mellon Launches Trade Finance Product Suite
The Bank of New York Mellon (BoNYM) has released Global Trade Finance Solutions (GTFS), a modular suite of supply chain process management products. Tailored to the needs of both corporate and bank users, GTFS provides an online platform that allows for end-to-end management of transactional details, processing issues and critical information along the supply chain process.
Key to the offering is Trade Workstation, a web-based portal that integrates the functionalities of both letter of credit and open account transactions into one online platform, enabling users to process and manage the full scope of their global trade finance transactions electronically from any Internet location on a 24/7 basis.
Specific GTFS functionalities include: purchase order transmission and initiation; document review using scanned images of all underlying trade documentation; transaction communication and on-line approval; funds transfer in settlement of these transactions; payables discounting; and trade reporting. According to BoNYM, GTFS is well suited to the needs of smaller banks that may be finding it difficult to make the investments required to keep pace with advances in trade finance-related technology.
“Technological leadership is key to our commitment to outperforming in support of our trade finance customers, and this new offering reflects the high level of investment we continue to make in this important area,” said Howard Bascom, head of GTFS. “Coinciding with a period of challenging financial conditions, the debut of GTFS is especially well timed. We’re already competitively advantaged because of our sound financial footing. As the debut of GTFS indicates, we’re more open for trade finance business than ever. And by enhancing our product line, we intend to continue growing our presence in this important space.”