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.
Wärtsilä was looking to replace its legacy management system and has chosen @GlobalTrade™ due to its functionality, ability to meet Wärtsilä’s requirements out of the box and user-friendly design. By using the Platform, Wärtsilä plans to streamline its trade finance processes, harmonize handling of guarantees and export documentary credits across its business units and leverage an integrated SWIFT interface for seamless bank connectivity.
‘Wärtsilä has considered various solutions for achieving its internal digitalization and process-improvement related goals, said Jarmo Nurmi, Corporate Treasurer at Wärtsilä Corporation. We have selected GTC because its solution covered all our requirements, and offered an efficient solution for our future needs, as well as proven implementation approach. Built-in SWIFT connectivity was an important factor in the decision due to its security and wide support by our bank partners.’
Jari Hänninen, Head of Business Development and Client Relations, Nordics at GTC said, ‘Jarmo and his team of experts were cognizant of Wärtsilä’s aspirations of being future-ready and they took well researched and planned steps to achieve this goal. In the new normal, remote global access and digital processing of trade finance transactions have become increasingly important. This is especially true with the shift to the remote work that needs a collaborative, structured and secure technology to support the new normal. All of us at GTC are excited to be a part of Wärtsilä’s vision.’
About GlobalTrade Corporation:
GTC pioneered multi-bank trade finance solutions for corporates. The company continues to lead the industry by developing ecosystems aimed at digitizing all stages of a trade finance transaction and connecting all transaction parties. The latest version of the company’s cloud solution includes features for establishing and managing relationships with banks and insurance companies, pricing of trade finance instruments, their issuance, and advice, post-issuance events, managing electronic documentation, and risk participation. 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. Taking the knowledge and expertise that GTC acquired from over 20 years of servicing MNCs, it created a streamlined version of its platform for SMEs that delivers major benefits of the enterprise version at a reduced cost and implementation effort. For more information, please visit www.globaltradecorp.com
About Wärtsilä
Wärtsilä Corporation is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasize innovation in sustainable technology and services to help our customers improve their environmental and economic performance. Our dedicated and passionate team of 17,000 professionals in more than 200 locations in 68 countries shapes the decarbonization transformation of our industries across the globe. In 2021, Wärtsilä’s net sales totaled EUR 4.8 billion. Wärtsilä is listed on Nasdaq Helsinki. For more information, please visit www.wartsila.com