20 February 2009. 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 transactions, regardless of whether they are TSU or non-TSU based.
About Eximbills Enterprise
Eximbills Enterprise ™ is an established global standard installed by many international banks to meet their trade services processing requirements. It combines a Rapid Application Development toolkit with a flexible base business model, providing support for Open Account, Supply Chain Finance, Factoring and Payments operations, aside from covering the full range of traditional Import and Export Trade Services.
About China Systems
Established in 1983, China Systems is today's largest trade services solutions vendor in the world, with offices throughout Europe, North America, Asia, and the Middle East. Eximbills, our world-renowned back office trade finance system and China Systems' flagship product, is used by more than 250 customers in more than 75 countries worldwide.
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