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Finastra, a Worldwide Supplier of Financial Software and Platforms, has Joined Forces with ELCY, an Expert in E-commerce Systems for Managing International Trade Finance. Their Collaborative Effort is Aimed at Offering a Centralised Trade Finance Platform for Businesses.
The joint Corporate Trade Finance Portal will facilitate secure and verified interactions between companies and all their associated banks via a single platform. This will give companies increased transparency and immediate control over all their trade finance activities.
The move away from multiple, bank-specific systems and the elimination of outdated, paper-driven procedures will also result in considerable cost and efficiency gains.
Jaime Lynn, Vice President, Enterprise Solutions, Finastra said, “Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties,”
“ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitisation needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk.”
Robin Cohen, Chief Executive Officer, ELCY added, “Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time.”
The Corporate Trade Finance Portal is a cloud-based, multi-tenant Software as a Service (SaaS) offering, which means there’s no need for on-site software installation.
Users will also benefit from the ability to swiftly adapt to new market conditions, thanks to centralised software updates.