YARA Goes Live With GTC’s @GlobalTrade & SWIFT to Digitize Bank Guarantees

TORONTO--(BUSINESS WIRE)--GlobalTrade Corporation (GTC) has announced today that Yara International ASA, a leading Norwegian chemical company, has gone live with its @GlobalTrade Multi-bank Trade Finance Platform for managing issued and received bank guarantees.

“The @GlobalTrade systems will give us more efficient handling of guarantees with all information gathered in one database, and secure communication with our banks by using the SWIFT Digital Trade Channel through SWIFTNet,” said Lise Engen Bjerkvoll, Trade Finance Manager at YARA.

Yara will use GTC’s @GlobalTrade Guarantee Issuance and Guarantee Receipt Systems through SaaS implementation. “Yara has a clear idea on how to streamline its trade finance process and we are proud to be part of the solution,” said Olga Schwarzkopf, GTC’s VP of Business Development. “Our @GlobalTrade Platform provides Yara with the ability to handle the complete transaction lifecycle while complying with SWIFT standards.”

Huny Garg, SWIFT's Head of Trade, said, “In the complex world of trade finance, going digital leads to better efficiency and reliability. SWIFT's trade digitisation solutions reduce risk, streamline processes and improve liquidity management. We are delighted that YARA has chosen the SWIFT Digital Trade Channel as we continue to drive innovation in trade.”

About YARA International ASA

Yara grows knowledge to responsibly feed the world and protect the planet, to fulfill our vision of a collaborative society, a world without hunger and a planet respected. To meet these commitments, we have taken the lead in developing digital farming tools for precision farming and work closely with partners throughout the whole food value chain to develop more climate-friendly crop nutrition solutions. In addition, we are committed to working towards sustainable mineral fertilizer production. Founded in 1905, Yara has a worldwide presence with about 17,000 employees and operations in over 60 countries. For more, please visit https://www.yara.com/

About GTC

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 and financial institutions. @GlobalTrade™ is a registered trademark of GlobalTrade Corporation. For more, please visit www.globaltradecorp.com