Trade Services Utility Reaches New Milestone
SWIFT has announced that, following a flurry of new signings by banks from all over the world during recent weeks, the community of Trade Services Utility (TSU) banks now exceeds 100. Among the banks extending the TSU community beyond this landmark number of users are Barclays Commercial Bank and Bank of China Hong Kong.
SWIFT says that the recent surge of interest is a reflection of the market’s growing confidence in TSU as an open account solution, providing a platform for banks to deliver a variety of supply chain finance and other value-added products to promote process efficiency.
The migration to open account has threatened to limit banks’ involvement in trade to the settlement end of the transaction, and in order to re-intermediate themselves, the banks need to add value by extending their existing trade services to support broader supply chain integration.
The new registrants to the TSU span all regions, and include: