Toronto, Canada, November 15, 2021 – GlobalTrade Corporation (GTC) is pleased to announce that it has been awarded the “SWIFT Compatible Application Trade Finance for Corporates” certification for 2021. GTC is proud to have received this important designation for eleven years in a row.
In 2010 GTC was the first technology provider in the world to earn the ‘SWIFT Ready for Corporates’ Trade Finance label. The SWIFT Certified program provides accreditation to companies that provide various SWIFT-related services and solutions to end customers. SWIFT checks compliance with relevant quality criteria and standards, and each year awards SWIFT Certified labels for qualifying applications and specialists.
GTC took an active role in the development of the new 2021 swift message standard for bank guarantees via its long-standing user group membership. The new enhancements for banks and corporates include:
- Complete details of Local, Counter, and Counter-Counter undertakings provided in a single well-structured message request
- New process flow to review undertaking draft with versioning between Applicant and Issuing bank
- New message flow for accepting and rejecting issued amendments between Applicant and Beneficiary which allows automation of the amendment issuance process
- New message to cover extended details of Extend-or-Pay communication between Applicant and Beneficiary
- New message to cover the details of Demand for Payment from Beneficiary as well as the acceptance or refusal of the application
- New message for Beneficiary which notifies non-extension of undertaking after a given date.
“SWIFT achieved impressive progress in addressing the needs of corporates and banks by incorporating the full scope of Demand Guarantees and Standby Letters of Credit in a well-structured message format. They separated Standby LCs from the Commercial LCs and integrated it with the Demand Guarantees messages.”, said Arbab Khan, Head of Quality Assurance, GTC. “The industry-wide transition to new guarantee SWIFT messages is scheduled to take effect on November 22nd, GTC is cooperating with several banks to validate the readiness of our systems and ensure a smooth transition.” Receipt of the 2021 SWIFT certification reaffirms GTC’s ongoing commitment to digital connectivity within the field of trade finance.
About GlobalTrade Corporation:
GlobalTrade Corporation (GTC) pioneered multi-bank trade finance solutions for corporates. The company continues to lead the industry with developing ecosystems aimed at digitizing all stages of a trade finance transaction and connecting all transaction parties. Recognizing that trade finance is tightly connected to other areas inside and outside a corporate organization, GTC supports multiple interfaces and formats for sharing information with other internal corporate systems, such as ERP, financial reporting, cash management and payments, user management, as well as external platforms for connecting with banks and logistics providers.