Misys plc (FTSE: MSY.L), the global application software and services company, today announces it has broadened the functionality of its award-winning front-end trade finance solution, Misys Trade Portal (MTP) for Multi-Bank. The enhancement significantly enriches the solution for corporates of any size by enabling SWIFTNet access through the Misys SWIFTNet Service Bureau.
MTP for Multi-Bank caters for corporates that have relationships with more than one trade finance bank. Corporates no longer need to manage their trade finance business, such as Letters of Credit, Documentary Collections, Bonds and Guarantees or Open Account transactions, with each bank separately. With MTP for Multi-Bank corporate organisations can access a consolidated view of all their trade finance transactions online, minimising potential reconciliation, reporting and auditing issues. The single sign-on service offers a secure way to improve operational efficiency and reduce risk.
Organisations using MTP for Multi-Bank can now benefit from low-cost and low-maintenance access to the SWIFT network through the Misys SWIFTNet Service Bureau. This allows them to take advantage of the new corporate-to-bank MT798 trade envelope messages, resulting in better straight-through processing rates.
"The up-front investment required for corporates to join the SWIFT network has often prevented all but the largest corporates from benefiting from direct access, particularly when expecting a full integration with their business processes," states Olivier Berthier, Solutions Director, Transaction Banking, Misys. "Our trade services proposition for corporates removes that barrier by offering integrated SWIFTNet access as a service embedded into the user-friendly MTP for Multi-Bank business service. Our solution makes this deep level of business integration for trade finance transactions much more affordable for many more bank customers."