NEW YORK, Sept. 5, 2013 /CNW/ - Premium Technology is pleased to announce that its FinShare platform has been officially designated by SWIFT as a Supply Chain Finance certified software application. This certification validates that FinShare fully supports SWIFT Trade Services Utility (TSU) as well as the Bank Payment Obligation (BPO). With this announcement, Premium Technology becomes the fifth software provider to earn this certification and the only provider with an exclusive specialization in supply chain finance (SCF).
"At Premium Technology we view the BPO as more than just a digital alternative to the Letter of Credit. Rather it will serve as a gateway to both pre-shipment and post-shipment financing options for corporates which would otherwise be deemed too risky for many banks," said Douglas Salom, Vice President of Global Sales. "With FinShare banks can pair the BPO with purchase order financing, in-transit financing and then receivables financing all via a single platform. This is unique in today's marketplace." Peter Chin, EVP & Managing Director, added, "The BPO augments Open Account supply chain finance business with risk mitigation, visibility and efficiency." He will be speaking further on this topic during Sibos at an Open Theater Session entitled Enhancing Supply Chain Finance with Bank Payment Obligation (BPO).
"We value vendor involvement in our treasury and trade innovations and are delighted to welcome Premium Technology as an additional TSU-certified vendor," says Andre Casterman, SWIFT's global head of corporate and trade markets and co-chair of the BPO innovation at the International Chamber of Commerce. "Premium Technology is the first SCF vendor to take advantage of SWIFT's industry standards to extend its capabilities. This will offer more choice to the 53 banking groups adopting the BPO."
About Premium Technology Inc.
Premium Technology is a New York based provider of Supply Chain Finance software solutions for the global banking community. Its web based FinShare platform offers modules for Supplier Finance (Reverse Factoring), Receivables Financing, Factoring, Purchase Order to Pay (PO2Pay), Asset-Based Lending (ABL), Risk Participation, Bank Payment Obligation (BPO) and Document Preparation (DocPrep). This highly flexible, scalable, and configurable solution set enables banks to create products and offerings for clients based on evolving credit and client working capital needs. For more information, visit http://www.premiumit.com.
Premium Technology Inc.
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SOURCE: Premium Technology Inc.