BNY Mellon Expands Trade Services to Include Global Trade Document Presentation Automation
Automation achieved in collaboration with Trade Technologies
Austin, TX (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.”
Trade Technologies has offices in Atlanta, Austin, Boston, Chicago, Hong Kong, Houston, Istanbul, London,
Los Angeles, Mumbai, New York, San Francisco and Singapore.
About Trade Technologies
Founded in 1999, Trade Technologies is the largest global provider of outsourced trade document services and software. From its offices in Asia, Europe and North America, Trade Technologies provides leading exporters, freight forwarders and international trade banks with trade document solutions, training and consulting.
The Company’s web-based TradeSharp 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 1,500 exporters, global trade banks and freight forwarders depend on Trade Technologies’ services to process almost $10 billion in international trade transactions each year. Globally, Trade Technologies is presenting original letter of credit and other trade documents online to 71 examination offices of 24 banks in 13 countries.
Trade Technologies was named by Silicon Review as one of the “50 Smartest Companies of the Year 2016.” In 2015, Trade Technologies was awarded the Presidential “E” Star Award for Export Services by the U.S. Department of Commerce and was selected by CIO Review Magazine for its annual list of the 20 Most Promising Banking Technology Solution Providers. Trade Technologies was voted the “Best Trade Tech Solutions Company” in 2012 by readers of Trade Finance Magazine. In 2011, Trade Technologies won the Presidential “E” Award for Exports through the U.S. Department of Commerce, the highest recognition any U.S. entity may receive for supporting export growth. In 2010, the Company was awarded a patent on the Trade Technologies software platform and process.
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