The Bank of New York Mellon has announced the release of Global Trade Finance Solutions, a new modular suite of supply chain process management products.
The bank said that, Global Trade Finance Solutions provides an online 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.
According to The Bank of New York Mellon, key to the offering is Trade Workstation, a web-based portal which is expected to integrate all of the essential functionalities of both letter of credit and open account transactions into a single online 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.
Howard Bascom, head of global trade finance services at The Bank of New York Mellon, said: 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.