Automation achieved in collaboration with Trade Technologies
NEW YORK, April 14, 2014 — BNY Mellon, a global leader in investment management and investment services, has expanded the scope of trade processing services available from its Treasury Services group to include automated global trade document presentation.
Using Trade Technologies’ Global Trade Management platform, BNY Mellon can now receive on line and verify for UCP 600 compliance original documents presented under letters of credit, and can also receive on line original open account documentation and other original trade documents. By helping to lower transaction costs, enhance reporting and accelerate international payments, BNY Mellon’s automated document presentation capabilities should significantly improve service to exporter clients.
Integrating Trade Technologies’ patented Global Trade Management software into BNY Mellon’s trade processing continues BNY Mellon’s tradition of innovation as a trade processing services provider. On-line innovations introduced by BNY Mellon include the first Web-enabled trade front-office offering with multi-language capability, the first Web-based global letter of credit and purchase order reporting, and the first Web-based imaging.
“Connecting thousands of exporters with a majority of the world’s leading trade banks, we’ve grown past the $50 billion in total transaction value by always seeking ways to extend the reach of our platform,” said Kirk Lundburg, President and CEO of Trade Technologies. “Combining our capabilities with BNY Mellon’s technological strength, experience and expertise as a global trade services provider gives us a unique opportunity to make the benefits of our technology even more readily available.”
“Making Trade Technologies’ capabilities available on our platform reflects our commitment to providing strong technological support to trade finance clients,” said Vince Galloni, managing director and global head of trade processing products for BNY Mellon’s Treasury Services group. “By combining state-of-the-art processing support with our leadership in the global correspondent banking network, we can extend the global reach of our clients and help them expand their trade business.”
Founded in 1999, Trade Technologies is the largest global provider of outsourced trade document services and software. From its 13 offices in Asia, Europe and North America, Trade Technologies provides leading exporters, freight forwarders and international trade banks with trade documentation solutions, training and consulting. The company’s patented web-based Global Trade Management platform and outsourced services enable customers to streamline their operations, save money, accelerate payments, and eliminate discrepancies traditionally involved in international letter of credit, documentary collections and open account transactions. More than 1,200 exporters, global trade banks and freight forwarders depend on Trade Technologies’ services to process over $9 billion in international trade transactions each year. Trade Technologies was receintly voted the “Best Trade Finance Tech-Solutions Company” in 2012 by readers of Trade Finance magazine and won the 2011 Presidential “E” Award for Exports by the U.S. Department of Commerce, the highest recognition any U.S. entity may receive for supporting export growth.
With locations on six continents and a global network of correspondent financial institutions, BNY Mellon's Treasury Services business delivers high-quality performance in global payments, trade services, and cash management. 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 private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.