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Trade Services Update

 

 

Press Release

Misr Bank Europe Goes Live With @GlobalTrade eLC Delivery

TORONTO, Canada, September 29, 2004 – GlobalTrade Corporation has announced today that Misr Bank-Europe GmbH has gone live with @GlobalTrade SWIFT/DTAEA Converter & eLC Delivery Service.

SWIFT/DTAEA Converter & eLC Delivery System enables conversion of SWIFT category 7 Documentary Credit files into German DTAEA format. The banks are able to enhance the messages by adding information to them such as the advising bank’s cover letter, confirmation terms, bank charges, and contact details before transmitting the data to the beneficiary through the agreed electronic format and data channel. In turn a higher quality message is delivered from the bank to the corporate faster.

“As a niche player we have to carefully listen to our customers demands to stay competitive and to provide an excellent service in order to reach our goals. GlobalTrade Corporation has helped us to make a step forward to not only consolidate but increase our slice of the market,“ said Bernd Hartmann, Head of International, Misr Bank-Europe GmbH.

“Everyone would like to move from paper to paperless trade,” said Jacob Katsman, CEO of GlobalTrade Corporation. “The starting point is to get electronic data from the banks. If you do not have this then you are back at the computer re-typing the same commercial information over and over again. This is the main reason why corporates with a large volume of export business are asking their banks for electronic message delivery. I am very glad that our company can offer a real solution and help move the market to paperless trade.”

SWIFT/DTAEA Converter & eLC Delivery System is part of @GlobalTrade Platform that offers document preparation and collaboration functionality to help credit departments share commercial information with their factories, logistics departments, sales departments and third parties.

About Misr Bank-Europe GmbH

Misr Bank-Europe GmbH was established in 1992 in Frankfurt (Germany) with the main target to facilitate the trade between Egypt and Europe. Documentary Letters of Credit are a widely used instrument to secure payment to the exporters. Five of the major Egyptian banks are the shareholders of Misr Bank-Europe GmbH with a registered capital of Euro 30 Million.

About GlobalTrade Corporation

GlobalTrade Corporation (GTC) designs, develops and manages innovative, collaborative products and services for global trade services. GlobalTrade services producers and traders that require multi-bank information exchange and document management systems for handling risk exposure and clean document creation, and financial institutions that require secure electronic data exchange with their corporate customers. @GlobalTrade™ is a registered trademark of GTC.

Media Contacts

David Jack
GlobalTrade Corporation
+1 416 661 8520
Bernd Hartmann
Misr Bank-Europe GmbH
+49 (69) 29974-300  
Bernd.Hartmann@misr.de