Germany's Bayerische Hypo-und Vereinsbank (HVB) is hosting an online letter of credit (L/C) platform that can be used by corporate clients that do not want to be limited to using HVB but do want can connect to all their banks.

The platform developed by Canadian Globaltrade Corporation (GTC) handles guarantees, L/Cs and documentary collections.

Multiple platform

Corporates using the @Globaltrade platform, according to GTC, do not need to enter multiple proprietary bank systems to communicate with their respective banks electronically when applying for L/Cs and guarantee issuance or receiving export L/Cs and drawing details.

The developers also reckon its multiple bank platform yields considerable cost savings, improved risk control, and real time information across all banking relationships.

Blue chip development

HVB is hosting the @GlobalTrade applications at its data centre in Munich and providing those applications to its clients and their banks.

The applications are based on @GlobalTrade Platform technology designed and developed by GTC over the last four years, apparently with input from HVB, DaimlerChrysler, ChevronTexaco, Europcell, Siemens, other corporates and banks.

Customer demands

The platform responds to bank customers' demands, according to GTC's CEO, Jacob Katsman.

"HVB has realised that its large customers want to communicate with all their banks in trade transactions through a single web-based platform and it has delivered on this promise," he says.

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