The Bank of New York Mellon, a provider of asset management and securities servicing, is releasing its global trade finance solutions, a comprehensive, modular suite of supply chain process management products. Tailored to the needs of both corporate and bank users, Global Trade Finance Solutions provides an on-line platform that allows for complete, end-to-end management of transactional details, processing issues, and critical information along every step of the supply chain process. Key to the offering is Trade Workstation, a Web-based portal that integrates all of the essential functionalities of both letter of credit and open account transactions into a single on-line platform, enabling users to process and manage the full scope of their global trade finance transactions electronically from any Internet location on a 24/7 basis.
Specific Global Trade Finance Solutions functionalities include purchase order transmission and initiation; document review using scanned images of all underlying trade documentation; transaction communication and on-line approval; funds transfer in settlement of these transactions; payables discounting; and trade reporting. Timely, affordable, low-risk, and state of the art, Global Trade Finance Solutions is particularly well suited to the needs of smaller banks that may be finding it difficult to make the investments required to keep pace with advances in trade finance-related technology.
"Technological leadership is key to our commitment to outperforming in support of our trade finance customers, and this new offering reflects the high level of investment we continue to make in this important area," said Howard Bascom, head of Global Trade Finance Services, in a press release. "Coinciding with a period of challenging financial conditions, the debut of Global Trade Finance Solutions is especially well timed. We're already competitively advantaged because of our sound financial footing. As the debut of Global Trade Finance Solutions indicates, we're more open for trade finance business than ever. And by enhancing our product line, we intend to continue growing our presence in this important space," he said.
With locations in 34 countries on six continents and a network of more than 2,000 correspondent financial institutions, The Bank of New York Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. The Company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.