Germany-based Commerzbank and GlobalTrade Corporation (GTC), a provider of multi-bank trade finance solutions, have announced a partnership under which the German bank will use GTC’s @GlobalTrade platform to enhance its digital trade finance product range.
Image: GTC’s @GlobalTrade systems enable users to communicate quickly, reduces risk and improve monitoring control. Photo: Courtesy of Julia Schwager.
GTC said that its @GlobalTrade systems enable buyers, sellers, traders, and financial institutions to communicate quickly, reduces risk and improves monitoring and control. Their customers include both business enterprises that need consolidated access to multiple banks and financial institutions that require supply chain finance solutions to meet the needs of their customers.
The financial solutions provider said that the collaboration leverages Commerzbank’s unique network footprint and GTC’s multi-bank technology, coupled with SWIFT connectivity, to meet the trade finance needs of corporate customers across the world.
Commerzbank trade finance and cash management product management head Klaus Josef Müller said: “We are very pleased to have found a strategic and reliable business partner in the trade finance business in GTC. Together we will provide digital, multi-bank trade finance solutions to our clients as well as an expanded range of trade products.”
GTC chief technology officer Nick Pachnev said: “We are excited to work with Commerzbank to deliver meaningful solutions to their corporate clients. Combining our technology with Commerzbank’s leading capabilities in trade services will offer a powerful solution that will benefit corporates engaged in export and import of products and services.”
With branches and offices in almost 50 nations, Commerzbank has two business segments: Private and Small Business Customers and Corporate Clients.
In total, Commerzbank caters to over 18 million private and small business customers, as well as more than 70,000 corporate clients, multinationals, financial service providers, and institutional clients. In 2018, the bank generated gross revenues of €8.6bn with about 49,000 staff.
In April 2019, GTC announced that Epiroc, a productivity partner for the mining and infrastructure industries, has expanded the use of its @GlobalTrade Multi-bank Trade Finance Platform to the US, China, and India
Epiroc has initially adopted the @GlobalTrade in 2017, with a primary objective of replacing an old system that was to be phased out.