Industrial Bank Joins SWIFTNet TSU System
Recently, the Industrial Bank officially joined the Trade Services Utilities (TSU) system developed by the SWIFT organization. With the help of TSU, IB plans to innovate and develop its supply chain management and financing business and expand the scope of its international trade financing. This way the bank will be able to offer quality products and services for a vast number of trade enterprises and further improve their competitiveness and market influence in the field of international business.
In recent years, credit trade has become an increasingly common mode of payment in international trade. SWIFT's TSU system was designed especially to meet this trend as well as the developments in supply chain management and financing requirements. By means of centralized data processing and a workflow engine, the system conducts centralized matching processing of document information including orders, transport documents and invoices. Throughout the process, it provides reports to the banks of both parties involved in the transaction, which not only allows banks access to various information regarding importing/exporting, but also facilitates trade financing for import-export enterprises.
IB stated that it has always attached great importance to the development of its international business and has been highly active in the field of financing for international trade in recent years. The bank has constantly being developing products relating to various aspects of international trade, such as supply chains, fund flow and logistics. By innovating product mixes, it has successively launched a number of trade financing products, including export factoring, export bills covered by export credit insurance, one-bill service of import & export, trade financing guaranteed by IFC, and L/C issuing against shipment control in import. In this way, IB is able to provide one-stop supply chain and financing services for enterprises. Through its entry into the TSU system, IB wishes, amidst a backdrop in which credit financing is gradually becoming a mainstream practice in international trade financing, to carry out in-depth development by introducing the TSU system early on, and, based on this system, to launch two-way cooperation with correspondent banks and set up an efficient and safe financing service platform for clients.
Founded in May 1973, SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a non-profit international cooperation organization in the financial industry. Its headquarters is located in Brussels , Belgium . By the end of April 2008, SWIFT had 2,265 financial institution members worldwide and has a link with 8,400 users spanning 208 countries.