Nokia Corporation has selected GlobalTrade Corporation's (GTC's) @GlobalTrade multi-bank trade finance platform for managing export letters of credit (L/Cs) and bank guarantees globally.

Nokia has also selected SWIFT MT 798 messages as its preferred standard for communication with its financial institutions.

Proven solution

According to Nokia's head of structured finance and credit products, Jari Hänninen, GTC's systems fit their need for "a proven solution to handle all our trade flows on export documentary credit and guarantee side with enabled SWIFT connection."

Nokia will use the @GlobalTrade platform's guarantee issuance, guarantee receipt and export documentary credit systems.

Benefits

The @GlobalTrade systems aim to help buyers, sellers, traders and financial institutions communicate faster and more efficiently.

The systems also claim to reduce risk and improve monitoring and control.

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