GlobalTrade Achieves SWIFTReady for Corporates Trade Finance Certification
Canadian company GlobalTrade Corporation (GTC) is the first technology company to earn the ‘SWIFTReady for Corporates’ trade finance label. This label was introduced in 2010 and complements the SWIFTReady trade finance banking application label.
This new label for corporates covers business applications that are capable of processing and exchanging trade flows, such as applications for the issuance of import documentary credits, standby letters of credit (LCs), and bank guarantees, and advice of export documentary credits. SWIFT experts have awarded this label after successful technical and functional validations, as well as a customer reference check.
“This new SWIFTReady label is a strong sign to the industry that SWIFT standards and connectivity in the corporate to bank space are becoming more and more widely adopted to increase automation and reduce processing costs, for more and more business activities,” said Patrik Neutjens, head of partner management at SWIFT. “This SWIFTReady certification for corporates – trade finance further completes the availability of SWIFT-automated solutions in this very important space. We are very pleased that the co-operation between GTC and SWIFT has resulted in the first label in this market segment being awarded to GTC.”