GTC integrates SWIFT connection for corporates 21 September 2015Brussels Reporter: Stephanie Palmer
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GlobalTrade Corporation (GTC) has adopted SWIFT’s Alliance Lite2 for Business Applications (L2BA) solution, becoming the first trade finance technology provider to integrate the system with its multi-trade finance platform for corporates.
Through the system, service providers can combine their own business applications with SWIFT’s connection to the financial industry.
This means GTC will be able to offer a one-stop solution for automating trade flows with various banking partners, including about 10,800 financial institutions in more than 200 countries.
The system is available for providers of cloud applications in payments, cash management, trade, securities and funds. Developments are also planned, which could expand the service to other business segments, and include on-premises software solutions.
Marcus Treacher, a SWIFT board member and chair of the corporate advisory group, said: “GTC has demonstrated strong support of SWIFT rules and standards and this development is the outcome of long-standing cooperation. We believe more corporates will take advantage of SWIFT's L2BA connectivity for trade as GTC and other providers connect their platforms to SWIFT.”
Jacob Katsman, CEO of GTC added: “Our clients rely on us to provide advanced multi-bank trade finance capabilities. We recommend them to adopt SWIFT’s multi-banking channel to reach out to their banking partners as this offers the most secure and standardised communication platform. Having now integrated SWIFT with our technology we have made implementation for clients so much easier and have enhanced our value proposition as a result.”
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