TORONTO--(BUSINESS WIRE)--GlobalTrade Corporation (GTC) has announced today that Ericsson AB (Ericsson) www.ericsson.com has selected its @GlobalTrade Multi-bank Trade Finance Platform for managing bank guarantees, documentary credits and documentary collections. Ericsson has also selected to use SWIFT MT 798 messages for standardization and automation of its communication with all its financial institutions.
“The Ericsson Group operates a large and truly global Trade Finance organization from a central Stockholm-based team. The platform will provide Ericsson the ability to further improve our service towards our customers, handling the complete lifecycle of our letter of credits and guarantees, while complying with the SWIFT for trade standards,” said Annette Ericsson, Head of Trade Finance & Credit Control at Ericsson.
“@GlobalTrade will enable Ericsson to improve monitoring and control over all of its payment instruments used in international trade,” said Jacob Katsman, CEO of GlobalTrade Corporation. Ericsson’s banks are already supporting other corporate clients through SWIFT MT 798 standards and this should lead to a smooth and quick rollout.”
Huny Garg, SWIFT's Head of Trade and Supply Chain, said “We are glad that Ericsson has chosen SWIFT MT798 to digitize its communication with banks. The adoption for MT798 has started to scale in 2017 and the decision by Ericsson to use SWIFT will lead to even faster adoption of SWIFT standards for trade by other corporates worldwide.”
Ericsson provides high performing solutions for Networks, IT & Cloud, and Media. The company provides infrastructure, services and software to the telecom industry and other sectors. Ericsson has approximately 110,000 employees with customers in more than 180 countries with headquarters in Stockholm, Sweden. Net sales in 2016 were SEK 222.6 billion (USD 24.5 billion). The Ericsson stock is listed on Nasdaq Stockholm and on NASDAQ in New York. Read more on www.ericsson.com.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. It provides a platform for messaging and standards for communicating, and offers products and services to facilitate access and integration, identification, analysis and regulatory compliance. SWIFT messaging platform, products and services connect more than 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.
GlobalTrade Corporation (GTC) is a software developer and application service provider whose product solutions improve the world of trade finance and trade services. The @GlobalTrade™ systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Our customers include both business enterprises that need consolidated access to multiple banks as well as financial institutions that require supply chain finance solutions to meet their clients' needs. @GlobalTrade™ is a registered trademark of GlobalTrade Corporation. For more information please visit www.globaltradecorp.com