Toronto, Canada, April 5, 2022 – GlobalTrade Corporation (GTC) has announced today that ABB Group (ABB), a leading global technology company, has selected @GlobalTrade™ Multi-bank Trade Finance Platform for managing their worldwide portfolio of bank guarantees, standbys, surety bonds, parental guarantees, as well as documentary letters of credit. The platform would allow ABB to consolidate, automate, and optimize their trade finance operations as well as digitally connect to their financial institutions.
“We at ABB were looking for the best-in-class trade finance solution meeting our current and future needs. We needed a flexible platform that could support our technology development strategy and adapt to changes in ABB’s operations, market practices, and security requirements. ABB will use @GlobalTrade to further optimize and harmonize our trade finance processes. For example, SWIFT and other connectivity options provided by the Platform can fully digitize communications with banks and insurance companies. GTC’s expertise and technology will ultimately help us better control risks, reduce costs, and streamline the handling of internal and external trade flows,” said Petra Hunjet Moison, Corporate Head, Export & Trade Finance at ABB.
Jari Hänninen, Head of Business Development and Client Relations, Nordics at GTC said, “ABB is a global technology company with considerable expertise in Trade Finance. It has a clear vision for the trade finance future supported by a deep understanding of its current business processes and industry trends. ABB selected the @GlobalTrade™ Platform to achieve its strategic digitalization goals including improved risk awareness and management, as well as better adapt to changing market conditions such as credit availability, compliance, and shift to teleworking. GTC’s experienced team and proven methodology ensure a well-planned, cost-effective, and seamless implementation process including migration of relevant historical data.”
Nick Pachnev, CEO of GTC said, “GTC is excited to be part of ABB’s digital transformation strategy. With the @GlobalTrade™ Platform, ABB will be able to leverage more than 20 years of GTC’s experience in developing, implementing, and operating trade finance solutions for leading multinationals and SMEs. Unparalleled functional coverage combined with highly configurable design and a wide range of integration options would allow ABB to not only achieve their immediate trade finance transformation goals but to also prepare themselves for future challenges.”
About GlobalTrade Corporation
GTC is a software developer and application service provider whose product solutions improve the world of trade finance and trade services. The @GlobalTrade™ systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Our customers include both business enterprises that need consolidated access to multiple banks as well as financial institutions that require supply chain finance solutions to meet their clients’ needs. @GlobalTrade™ is a registered trademark of GlobalTrade Corporation. For more information, please visit www.globaltradecorp.com.
About ABB
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation, and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com