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5/20, 9:15 AM (Source: TeleTrader)
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Commerzbank partners with GTC on digital trade finance

Commerzbank announced on Monday it entered a strategic partnership with Canadian company GlobalTrade Corporation (GTC) with the goal to further digitalize and automate its trade finance business.

Under the agreement, Commerzbank's corporate clients will gain access to GTC's multi-bank trade finance platform @GlobalTrade. "Combining our technology with Commerzbank’s leading capabilities in trade services will offer a powerful solution that will benefit corporates engaged in export and import of products and services," GTC's CTO Nick Pachnev said.

"We are very pleased to have found a strategic and reliable business partner in the trade finance business in GTC. Together we will provide digital, multi-bank trade finance solutions to our clients as well as an expanded range of trade products," Klaus Josef Mueller, Commerzbank's head of trade finance and cash management, stated.

Breaking the News / NP