Misys has been named the first trade services solutions provider to win the SWIFTReady Trade Services Utility (TSU) label.
The SWIFTNet TSU has been built by SWIFT to help financial institutions provide competitive supply chain services to their corporate customers. The service became commercially available on 2 April 2007. The Misys TSU module is available either within the award-winning Internet-based trade finance solution, Misys Trade Portal, or as a standalone solution. This is the first officially certified end-to-end solution available for banks to interact efficiently with the TSU while helping to improve the financial supply chain management and integration of their corporate customers.
David Hennah, Senior Product Manager at SWIFT, comments, âThe purpose of this label is to ensure that third party applications support the TSU messages and rules properly, thereby allowing banks to use the TSU Solution properly and helping them regain the trade business which has been lost in the move to open account. SWIFT has been working very closely with Misys over the past decade and is delighted that Misys is the first vendor to have reached the quality standard high enough to deserve the SWIFTReady label for its TSU solution.â
Olivier Berthier, Head of Product Management, Misys Trade Services, adds, âThe move to open account has required us to adapt our solution to meet our customersâ current needs. The TSU is a very interesting development in this space and we are proud to have been involved since its inception. We believe that the TSU will help banks get more business and more opportunities to cross-sell their products in the fast growing open account space. We look forward to working with the more innovative banks to ensure they select the most appropriate solution for their needs.â
The TSU is a collaborative, centralised data matching and workflow engine for SWIFTâs banking community. It has been devised in consultation with SWIFTâs Trade Services Advisory Group (TSAG). The group comprises some of the worldâs leading trade services providers, including one Misys Trade Portal user, BNP Paribas. Two other users of Misys Trade Portal, Calyon and SociÃ©tÃ© GÃ©nÃ©rale, are also among the group of early adopter banks that have signed up for the TSU.
Through its close partnership with SWIFT, Misys now has , the first SWIFT-labelled solution available that supports the TSU from end to end. Misys Trade Portal supports all 41 TSU messages and processes that are currently in use and can be easily integrated with a bankâs existing SWIFT messaging infrastructure.
Users of Misys Trade Portal are able to fully automate purchase order handling and open account transactions and can also process Letters of Credit (LCs) much more efficiently. Users can also define automatically whether to process a transaction as an open account or a traditional trade finance transaction and route it accordingly.