| 14 July, 2008. China Systems, the world’s top performer in the trade services solutions industry, announced today that Eximbills Enterprise has been granted the SWIFT Ready TSU label for 2008. China Systems’ SOA compliant, J2EE –based trade finance system was the first Back-Office solution to be awarded this prestigious label, which was introduced only last year.
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.
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.
With SWIFTNet TSU, banks can provide added risk mitigation services by having sufficient visibility on the transactional events from Purchase Order to Payment and parties involved. This visibility allows matching and pre-matching of the trade details and keeps track of outstandings at Goods LineItem level, a previously labor-intensive and costly activity. Data reliability adds value to all the parties involved, and creates opportunities for banks to provide finance services at the different trigger points, such as PO Issuance/Acceptance and Shipment and Invoice Acceptance. Using the SWIFTNet TSU data, banks can also offer document preparation and reconciliation services on account payables and receivables, since they already handle the payments traffic.
Eximbills Enterprise 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. It can also be used as a stand alone back office solution 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 on Payments, traditional Trade, and Open Account Finance transactions whether they are TSU or non-TSU based.
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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