Toronto, Canada – Geneva Switzerland, December 1, 2022: GlobalTrade Corporation (GTC) has announced today that it has been acquired by Swiss headquartered Komgo. Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 multinational clients and their 11,000+ subsidiaries, connecting them to their financial institutions and trade service providers on a global basis.
News
Komgo acquires GTC to create the world’s largest platform for digitalisation of trade finance
GTC renews its SWIFT Alliance Lite2 for Business Applications (L2BA) certification
Toronto, Canada, September 15, 2022: GlobalTrade Corporation (GTC) announced today that it has successfully renewed its SWIFT Alliance Lite2 for Business Applications (L2BA) certification for its @Globaltrade Platform.
Wärtsilä Corporation chooses GTC Solution to fully digitize its trade finance business
Toronto, Canada, September 12, 2022: GlobalTrade Corporation (GTC) has announced today that Wärtsilä Corporation, a global leader in innovative technologies and life cycle solutions for the marine and energy markets, has selected its @GlobalTrade™ Multi-bank Trade Finance Platform for managing and digitizing their bank guarantees, standbys, surety bonds, corporate guarantees, as well as export documentary credits.
GlobalTrade Corporation to provide Alstom with solution to centralize management of bank and parental guarantees, sureties and standbys
Toronto, Canada, September 2, 2022 – GlobalTrade Corporation (GTC) has announced today that Alstom, the leading global innovative player for a sustainable and smart mobility, selected @GlobalTrade™ Platform to replace its internal system and improve efficiency and controls of its trade finance operations. Alstom will use the Platform to reduce operating costs by improving reporting and management oversight capabilities.
Solutions
Standby LC / Guarantee Issuance
@GlobalTrade Standby LC/Guarantee Issuance (GTI) System supports the issuance of standby letters of credit, bank guarantees, corporate guarantees and surety bonds, in addition to allowing corporates to manage their credit facilities. The GTI system allows your team to manage the complete workflow of the guarantee issuance processes, including application, amendment, reduction and claims.
Standby LC / Guarantee receipt
@GlobalTrade Standby LC/Guarantee Receipt (GTR) System manages the complete process of handling incoming Standby LCs, Bank Guarantees, Corporate Guarantees and Surety Bonds. Corporates also benefit from the GTR system with real-time monitoring of total exposure to counterparties and banks, faster preparation of claims, and SWIFT or web-interface communication with banks.
LC Export
@GlobalTrade Export Documentary Credit (ELC) System allows corporates to receive documentary credits electronically from banks, prepare compliant documents, and share information across business units and logistics providers. The ELC system enables treasury to reduce discrepancies through the integrated document preparation module, and reduce DSO through direct presentation of documents to banks.
Export Documentary Collection
@GlobalTrade Export Documentary Collection system provides corporates with an easier way to submit documents to a bank under an export documentary collection. Prepare documents faster through standard electronic templates, present documents to directly to the bank, and have global visibility of outstanding collections across multiple banks.
LC Import
@GlobalTrade Import Documentary Credit System improves the efficiency of LC handling by simplifying import documentary credit application, amendment, drawing and payment reconciliation process. Corporates benefit from the reduction of errors by using templates and SWIFT standards, and permanent and transactional alerts linked to LC and transactional data.
Receivable Finance Management
@GlobalTrade Receivable Finance Module (RFM) allows a corporate to better manage its sale of receivables by bringing in all its customers, banks and business units under one umbrella. The system creates an electronic communication bridge under which the stakeholders can send / receive invoice discounting requests via SWIFT or specific XML formats. This significantly speeds up the financing and settlement process.
Testimonials
Gerhard Lubitz
General Manager Collateral Management, Hannover Re
General Manager Collateral Management, Hannover Re
GTC’s product has convinced us by its completeness. During installation phase and throughout the project customer service from GTC met our expectations at any time. Despite the fact that GTC is located in Canada and we are in Germany we felt that they were always next door.
Lars Björkman
Customer Service Specialist, BillerudKorsnäs
Customer Service Specialist, BillerudKorsnäs
It feels like GTC is the company that finally brings the letter of credit practice into the 21st century. Their platform offers state of art features that for sure will help us reduce the DSO and the number of discrepant documents in our daily L/C operations
Per Olaf Stampe
Vice President Finance and Treasurer Kongsberg Group
Vice President Finance and Treasurer Kongsberg Group
‘In order to achieve greater efficiency, automation and standardization Kongsberg has decided to use SWIFT’s MT 798 standards for LC and guarantee processing. GTC was selected due to their understanding of our needs, the user-friendliness and flexibility of their solution, and the high level of system security.”
Jari Hänninen
Head of Structured Finance, Credit Products Nokia
Head of Structured Finance, Credit Products Nokia
“We wanted to find a vendor that had a proven solution to handle all our trade flows on export documentary credit and guarantee side with enabled SWIFT connection,” said Jari Hänninen, Head of Structured Finance, Credit Products at Nokia. “GTC was selected due to their understanding of our needs for the future and flexibility of…
read more
Claudie Guiraudet, Head of Guarantees
Customer Project and Structured Finance, Airbus Group
Customer Project and Structured Finance, Airbus Group
“We have chosen @GlobalTrade for its remarkable flexibility and ease of use. Despite the complexity of this transaction and the multitude of banks involved, we have been able to considerably improve the transparency and efficiency of our L/G activities.”
Bernd Hartmann
Head of International
Head of International
“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 helped us to make a step forward to not only consolidate but increase our slice of the market.”
Ulrich Caspary
Head of International, Frankfurt Branch
Head of International, Frankfurt Branch
“GlobalTrade Corporation has offered us to test their system with five of our major clients. We had positive feedback from all clients and are glad to now be able to offer the electronic delivery of DTAEA LC messages.”
Arif B Rahman
ETA ASCON GROUP’s Member of the Board & Group Director – Finance
ETA ASCON GROUP’s Member of the Board & Group Director – Finance
“In today’s economy, having access to real time financial information is essential. Now, with GTC’s @GlobalTrade platform, we are aiming to automate and standardize our trade finance activities, reduce risk and bring our bankers onto the same electronic page.”
Thomas Stötzel
Head of Corporate Finance and Treasury of Nordex AG
Head of Corporate Finance and Treasury of Nordex AG
“Our decision to implement @GlobalTrade as an independent platform for the administration of bank guarantees was mainly driven by the possibility of having a fully integrated electronic process for handling guarantees with different banks with a one face solution. In addition, we have been able to integrate all corporate guarantees in the system which increases…
read more
Kimmo Helle
VP Treasury Development and Trade Finance, Metsä Group Financial Services
VP Treasury Development and Trade Finance, Metsä Group Financial Services
“Metsäliitto Group has changed its LC workflow from paper-based handling to the electronic way of working. All the LC handling work was formerly based on papers received via fax or e-mail from the different counterparties involved, but the @GlobalTrade Export LC multibank System has given our Group the possibility of receiving LC information electronically into…
read more
Gerhard Lubitz
General Manager Collateral Management, Hannover Re
General Manager Collateral Management, Hannover Re
GTC’s product has convinced us by its completeness. During installation phase and throughout the project customer service from GTC met our expectations at any time. Despite the fact that GTC is located in Canada and we are in Germany we felt that they were always next door.
Lars Björkman
Customer Service Specialist, BillerudKorsnäs
Customer Service Specialist, BillerudKorsnäs
It feels like GTC is the company that finally brings the letter of credit practice into the 21st century. Their platform offers state of art features that for sure will help us reduce the DSO and the number of discrepant documents in our daily L/C operations
Per Olaf Stampe
Vice President Finance and Treasurer Kongsberg Group
Vice President Finance and Treasurer Kongsberg Group
‘In order to achieve greater efficiency, automation and standardization Kongsberg has decided to use SWIFT’s MT 798 standards for LC and guarantee processing. GTC was selected due to their understanding of our needs, the user-friendliness and flexibility of their solution, and the high level of system security.”
Jari Hänninen
Head of Structured Finance, Credit Products Nokia
Head of Structured Finance, Credit Products Nokia
“We wanted to find a vendor that had a proven solution to handle all our trade flows on export documentary credit and guarantee side with enabled SWIFT connection,” said Jari Hänninen, Head of Structured Finance, Credit Products at Nokia. “GTC was selected due to their understanding of our needs for the future and flexibility of…
read more
Claudie Guiraudet, Head of Guarantees
Customer Project and Structured Finance, Airbus Group
Customer Project and Structured Finance, Airbus Group
“We have chosen @GlobalTrade for its remarkable flexibility and ease of use. Despite the complexity of this transaction and the multitude of banks involved, we have been able to considerably improve the transparency and efficiency of our L/G activities.”
Bernd Hartmann
Head of International
Head of International
“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 helped us to make a step forward to not only consolidate but increase our slice of the market.”
Ulrich Caspary
Head of International, Frankfurt Branch
Head of International, Frankfurt Branch
“GlobalTrade Corporation has offered us to test their system with five of our major clients. We had positive feedback from all clients and are glad to now be able to offer the electronic delivery of DTAEA LC messages.”
Arif B Rahman
ETA ASCON GROUP’s Member of the Board & Group Director – Finance
ETA ASCON GROUP’s Member of the Board & Group Director – Finance
“In today’s economy, having access to real time financial information is essential. Now, with GTC’s @GlobalTrade platform, we are aiming to automate and standardize our trade finance activities, reduce risk and bring our bankers onto the same electronic page.”
Thomas Stötzel
Head of Corporate Finance and Treasury of Nordex AG
Head of Corporate Finance and Treasury of Nordex AG
“Our decision to implement @GlobalTrade as an independent platform for the administration of bank guarantees was mainly driven by the possibility of having a fully integrated electronic process for handling guarantees with different banks with a one face solution. In addition, we have been able to integrate all corporate guarantees in the system which increases…
read more
Kimmo Helle
VP Treasury Development and Trade Finance, Metsä Group Financial Services
VP Treasury Development and Trade Finance, Metsä Group Financial Services
“Metsäliitto Group has changed its LC workflow from paper-based handling to the electronic way of working. All the LC handling work was formerly based on papers received via fax or e-mail from the different counterparties involved, but the @GlobalTrade Export LC multibank System has given our Group the possibility of receiving LC information electronically into…
read more