German wind turbine manufacturer, Nordex AG, has adopted the @GlobalTrade Guarantee Issuance System to administer its guarantee business and its communications with banks.

The @GlobalTrade platform technology works for export and import letter of credit (L/C) applications as well as the guarantee platform that Nordex has opted for.

Online platform

The system is provided by Germany's Hypo-und Vereinsbank (HVB), which hosts an online platform that can be used by corporate clients that want to connect to all their banks.

Banks issuing guarantees for Nordex can thus access the @GlobalTrade Guarantee System.

Benefits

Nordex says it decided to implement @GlobalTrade because it saw benefits in having a single fully integrated electronic process for handling guarantees with different banks.

According to Nordex's head of corporate finance and treasure, Thomas Stötzel, the ability to integrate all corporate guarantees in the system also increases transparency and facilitates the assignment of costs to affiliated companies.

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