Global Trade Management enables enterprises and financial institutions to streamline the entire life cycle of a global trade across physical and financial supply chain activities to improve operating efficiencies and cash flows.
VIENNA, Austria – September 15, 2008 – At Sibos 2008 (Booth B404), Virtusa Corporation (NASDAQ: VRTU) and TradeBeam Holdings Inc. Today announced a partnership to provide on-demand Global Trade Management (GTM) software and services to financial institutions globally.
Many banks are uniquely positioned to take on the role of global trade partner and enabler for enterprises engaged in global trade. The challenge for financial institutions is to evolve from traditional banking practices to additionally provide non-traditional service offerings to their client base without significant upfront investment and risk.
"We are excited about the Virtusa partnership because it combines the power of a strong, global IT services company with deep experience in the banking sector with TradeBeam’s leading edge Global Trade Management solutions,” said Graham RF Napier, President and CEO, TradeBeam. “Financial Institutions are well-positioned to offer additional services to their customers beyond their traditional role, and with our partnership they will be able to go to market with integrated physical and financial supply chain solutions that meet the needs of a rapidly-globalizing world economy."
GTM financial solutions are characterized by software applications and outsourced services that integrate and synchronize end-to-end global trading processes for importers and exporters. Successful implementation of GTM financial solutions requires companies to integrate their physical and financial supply chains. To do this, companies must share data and collaborate across functional silos and external business partners.
"TradeBeam clearly differentiates from other GTM solution providers in that it provides a complete suite of global trade management solutions covering customs compliance, supply chain visibility, document generation and financing in an ‘on-demand’ services model. Banks can proceed at their own pace by offering a variety of new products to their customers on a menu basis without excessive implementation timelines and costs—which has always been an inhibiting factor. TradeBeam has existing, SWIFT-compliant integrations with bank back office systems, and a flexible messaging framework with the capability to interface in a variety of manners. TradeBeam is a strong front-end option for banks considering solutions such as Open Account and Supply Chain Finance processing,” said Jim Francis, SVP Financial Services, Virtusa.
TradeBeam’s and Virtusa’s combined GTM financial solutions can serve as the financial institution’s front-office interface to enterprises, and can be integrated with the bank’s back-office systems. This enables enterprise participants to leverage the bank network for trade finance, take advantage of expedited processing of transactions and enjoy improved accuracy and security.
Please visit Virtusa and TradeBeam while at SIBOS 2008 at booth B404