Swift has officially confirmed that China Systems, the world's leading trade services solutions vendor, is their first SwiftReady TSU 2009 accredited partner.
Eximbills Enterprise, the SOA-compliant, J2EE-based trade finance solution of China Systems, has passed both technical and functional evaluation for the prestigious SWIFTReady label for TSU R2, which goes live on the SWIFT network on 1st March 2009.
Eximbills Enterprise was also the first Back-Office solution to be awarded the TSU label when it was introduced in 2007.
SWIFTNet TSU is providing additional opportunities to China Systems' customers using Eximbills Enterprise to embed their financial services offerings into their corporates' purchase to pay transaction cycle. TSU R2 is a major upgrade that creates a number of new business opportunities in the area of Open Account Financing.
This new Release provides support for insurance and certificate data sets, in addition to existing commercial and transport data sets. A Bank Payment Obligation (BPO) is also introduced, whereby a bank can provide a conditional irrevocable guarantee of payment to another bank; with the option to have this backed up by a Notice of Intent to Pay message from the Buyer to the Seller. This enables new value propositions in the area of supply chain financing. Combined with already improved reconciliation capabilities of MT103 and MT202 payment messages with TSU transactions, banks can further optimize their open account processes and service offerings.
China Systems is the first software provider, as recognized by SWIFT, to have integrated the TSU capabilities into a Trade and Payments back office solution, using automated event-based financing capabilities. The ISO 20022 compliant solution can also be used as a stand alone system for TSU message handling if the bank's requirement is to utilize their existing Trade and Open Account platforms.
Customer Enterprise, China Systems' J2EE- and web-based customer front end, allows buyers and suppliers to interact with the bank and each other on Payments, traditional Trade, and Open Account Finance transsactions, regardless of whether they are TSU or non-TSU based.
Separately, Futurebank, a Bahrain-headquartered full commercial bank, has announced the successful completion of its overall IT Services Enhancement project in collaboration with China Systems, the largest trade services solutions vendor in the world, in a record eight weeks.
The project enabled Futurebank's Trade Department to upgrade its systems using China Systems' CS Eximbills technology, an integrated trade finance system designed to automate the full range of Trade Finance activity as well as the communication needs of the bank.
China Systems first executed a thorough compatibility study to ensure that all Futurebank requirements were met by the Eximbills Business Model. The company further provided Futurebank with the production setup, data migration and data take-on support that enabled the bank to commence live operations well ahead of a conceived schedule which has made a precedent for both organizations.
Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank, commented on the bank's successful collaboration with China Systems, "Futurebank's unusual growth in spite of market conditions has led us to upgrade many of our systems. This most recent project is in line with our long term strategy to provide superior, world class, Trade Finance solutions to our growing customer base. By partnering with such a renowned trade services solutions vendor, China Systems, Futurebank will strategically expand its comprehensive service offering."
"We are extremely pleased to have completed the project well ahead of the traditional time frame of 12 months. Futurebank's skilled team of professionals worked in unison with China Systems to ensure the project was carried out in a timely and efficient manner," added Dr. Seif.
Stefan Tryggvason, Vice Chairman, China Systems, said Futurebank was a prestigious addition to their client base and stated "China Systems was very pleased with the speed and efficiency with which the project for Futurebank was completed. We look forward to strengthening our relationship with the bank and supporting them as they expand their reach and operations within the Middle East region."
"China Systems' Business Model is functionally rich and caters for the most creative of business processes and accounting requirements. These features enabled the Model to be well accepted by Futurebank with minimal changes," added Tryggvason.