Deutsche Bank cooperates with Trade Technologies Inc. Setting the course for digitalization of the trade document business
Deutsche Bank has signed a cooperation agreement with Trade Technologies Inc. aiming to extend their long-lasting partnership to Europe and especially to Germany.
Trade Technologies is the global leader for Internet-based software solutions and document preparation services for traditional trade finance products. Their first location in Germany is now being established in Stuttgart.
A key element of the cooperation is the enhanced support for exporters using documentary letters of credit and collection orders to secure payments. In this regard Trade Technologies organizes the document preparation which includes the coordination with third parties, e.g. freight forwarders, insurance companies and Chambers of Commerce.
Existing client mandates with Deutsche Bank, using a similar service known as „Global Trade Management“, shall be transferred gradually to Trade Technologies.
Daniel Schmand, Head of Trade Finance at Deutsche Bank says: „We always want to offer our customers the best available solutions. The digital platform developed by Trade Technologies is an excellent expansion of our offering for corporate customers. As a result our Product Specialists can further strengthen their focus on risk advisory.”
Kirk Lundburg, President & CEO of Trade Technologies Inc., says: „We are delighted to extend our existing partnership with Deutsche Bank. We want to offer to companies in Germany and Europe a suite of technology and services that simplify and streamline the processing of its trade business and take forward the automation of trade document business overall.”
For further information please contact:
Deutsche Bank AG
Phone: +49 69 910 42744
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
About Trade Technologies
Trade Technologies provides Internet-based software solutions and document preparation services that streamline international trade payment processes and documentation for global exporters, freight forwarders and global trade banks.
The company with head office in Austin, Texas (USA) was founded in 1999 and is today the global leader in trade payment document solutions with over 1,500 exporter customers using their services to process over $10 billion in transactions annually.
The new location in Stuttgart provides services to clients in Germany. They have further offices for clients in Asia, other European countries and North America.
The web-based platform „TradeSharp“ and outsourced services allow customers to improve their process efficiency to save money and to accelerate payments by preparation of conform documents required by letters of credit, collections and open account transactions.
Trade Technologies’ mission is to dramatically improve exporters’ profitability and efficiency by enabling a transition over time to a completely paperless and collaborative international receivables collections process.