Global banking technology provider Misys announced that the Bank of the West has upgraded to Misys’ international trade finance solution, integrating its front-end trade portal with back-office automated processing of service agreements and factoring trade receivables.
The Misys Trade Portal and TI [Trade Innovation] Plus product provides connectivity with the SWIFTNet Trade Services Utility, and links to a bank’s ERP system to automate workflow management such as documentation, letters of credit and other financial tools. It’s also conducive to domestic business-to-business supply chain activity, which itself is growing in demand from corporate clients looking to streamline procurements with partners and vendors.
“As banks look to develop new trade solutions,” says TowerGroup’s Susan Feinberg, senior research director for wholesale banking, “it is important that they consider the needs of both their corporate clients conducting open account cross-border trade and those clients looking to automate and enhance the financial supply chain for domestic B2B commercial activity.”
