Toronto, Canada, September 12, 2011 – GlobalTrade Corporation (GTC) has announced today that the Elster Group have successfully implemented @GlobalTrade Standby LC / Guarantee Issuance System connecting Elster Group Treasury, Business Units and Banks. Elster Group uses the system to monitor all its guarantee facilities, automate guarantee issuance workflow, and consolidate guarantee fee information and transactional data into a global data base.
“@GlobalTrade gives us the opportunity to efficiently issue and administrate our guarantees under the new credit facility as well as integrating corporate and further third party guarantees. In addition, the reporting tools allow us to quickly run required analysis for internal management reports and for the charge out to subsidiaries” said Steffen Patzak, Vice President Group Treasury of Elster Group SE.
“We are glad that Elster Group has selected our technology to manage its credit facilities, corporate and bank guarantees” said Jacob Katsman, CEO GlobalTrade Corporation. “Our Standby LC/Guarantee(LG) Issuance System enables Elster Group to improve the guarantee management process across its divisions and multiple banks, achieving a structured application approval process, reconciliation of bank charges, and real time information about utilization of credit facilities.”
The system is offered and hosted by UniCredit Bank AG in Munich, which is one of the Mandated Lead Arrangers of the guarantee facility syndication.
“In the recent years one of the most important focal points of our corporate customers was the optimization of working capital along their physical supply chain”, states Markus Wohlgeschaffen, Head of Global Trade Finance & Services of UniCredit. “The biggest potential for enhancing value is to break up product silos and to focus instead on holistic solutions. UniCredit´s Global Trade Management concept combines both traditional and innovative trade products and services in order to provide our customers with trade services holding a genuine surplus value along their value chain. This, however, implies one fundamental prerequisite: the thorough understanding that our customers are the driving force in all foreign trade processes. For this reason, we believe in customer-oriented multi-bank and multi-entity solutions like @GlobalTrade that safeguard easy-to-use and easy-to-implement process improvements.”
About Elster
Elster (NYSE: ELT) is one of the world’s largest electricity, gas and water measurement and control providers. Its offerings include distribution monitoring and control, advanced smart metering, demand response, networking and software solutions, and numerous related communications and services – key components for enabling consumer choice, operational efficiency and conservation. Its products and solutions are widely used by utilities in the traditional and emerging Smart Grid markets.
Elster has one of the most extensive installed revenue measurement bases in the world, with more than 200 million metering devices deployed over the course of the last 10 years. It sells its products and services in more than 130 countries across electricity, gas, water and multi-utility applications for residential, commercial and industrial, and transmission and distribution applications.
About UniCredit
UniCredit is a leading European bank with an international network spanning 50 markets worldwide, with more than 160,000 employees and over 9,600 branches. The Group operates in 22 European home markets: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
Global Transaction Banking (GTB) of UniCredit combines truly local expertise of more than 2,000 professionals with the experience of a sophisticated global transaction bank, offering a diverse and proven set of core competencies in the fields of Cash Management and eBanking, Trade Finance and Transactional Sales, Supply Chain Management, Structured Trade and Export Finance and Global Securities Services.
About GTC
GlobalTrade Corporation (GTC) is a software developer and applications service provider whose product solutions improve the world of trade finance and trade services. Our @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 the registered trademark of GlobalTrade Corporation.
Media Contact
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