Misys Banking Systems, a global leader in banking software and solutions, announces today that it is demonstrating the first end-to-end solution that enables financial institutions to make use of the SWIFTNet Trade Services Utility (TSU)
The TSU is a collaborative matching utility set up by SWIFT's Trade Services Advisory Group (TSAG), comprising of representatives from 13 of the world's leading trade service bank providers, three of which are Misys Trade Portal users: BNP Paribas, Calyon and SociÃ©tÃ© GÃ©nÃ©rale.
Through Misys Banking Systemsâ active involvement in TSAG, Misys Trade Portal, the market-leading Internet-based trade finance tool, has been developed by Misys to provide banks with the first tool for TSU users. It enables banks to use the TSU to support new or enhanced services to their corporate customers by allowing them to build on the core functionality of the utility. Misys Trade Portal enables banks to handle purchase orders automatically, eliminating re-keying of data and reducing discrepancy rates when handling Letters of Credit (LCs) as well as open account transactions.
âPhase one of SWIFTâs TSU project provides tools to enable banks to respond to the trend towards open account trading,â comments Olivier Berthier, Misys Trade Portal product & business development manager, Misys Banking Systems. âWe have developed our product to help banks use these tools and we are delighted that we are leading the market with the first solution that not only provides banks with an open account solution that fully complements traditional trade, but also one which embraces the ever-more prevalent open account market and services.â