The Bank of New York (BoNY) has landed a major new customer to use its Trade Workstation technology to obtain import letter of credit (L/C) services. US fashion retailer Nordstrom will use the technology to create and transmit import L/Cs for processing at BoNY branches worldwide.

This represents BoNY's latest milestone in its endeavours to leverage its technological infrastructure investment to gain a substantial position in the global documentary credit market.

Global reach

Nordstrom has 136 US stores, two-dozen overseas outlets and it sells via direct mail catalogues. The US retailer is also looking to boost sales through its online presence.

BoNY has 28 non-US branch and representative offices in 25 countries and securities servicing in more than 100 markets.

Technological advantage

Proprietary technologies have helped BoNY gain market positions in several financial services sectors, including custody and asset management, by capturing customers and by outsourcing its technologies to other providers.

In the trade finance arena, agreements have been signed under which Canadian Imperial Bank of Commerce (CIBC) and Bank of Overseas Chinese outsource front- and back-office systems to BoNY's technologies (DCPro 21 Feb 2001, 19 April 2002).

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.