Finastra and ELCY to Offer Unified Trade Finance Solution for Corporatesby Fintech News Singapore October 18, 2023
Finastra, a global provider of financial software, and ELCY, a specialist in e-commerce solutions for trade finance, have partnered to offer a trade finance solution for corporates.
The Corporate Trade Finance Portal will enable corporates to communicate with all their banks through one centralised platform, giving them greater visibility and control over their trade finance exposures.
The portal will also help corporates to reduce costs and improve efficiency by eliminating the need to connect to multiple bank systems and paper-based processes.
It is available as a cloud-based, multi-tenant SaaS solution, meaning that there is no software to install and all users benefit from centrally-managed software upgrades.
Jaime Lynn, Vice President, Enterprise Solutions, Finastra said,
“ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance.
Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal.”
Robin Cohen, Chief Executive Officer, ELCY added,
“Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing.
All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time.”