Virtusa, TradeBeam To Make On-Demand GTM Software

Staff -- Supply Chain Management Review, 9/24/2008 9:20:00 AM

Global Trade Management (GTM) software company TradeBeam Holdings Inc. and global IT services company Virtusa Corporation have announced a new partnership to provide new on-demand (GTM) software and services to financial institutions worldwide. 

Both companies hope the new products will help made global trade easier, according to a release from TradeBeam. Billing the products as “the financial institution’s front-office interface to enterprises,” the companies are gearing their new venture toward banks that are acting as global trade partners for enterprises trading worldwide. 

"We are excited about the Virtusa partnership because it combines the power of a strong, global IT services company with deep experience in the banking sector with TradeBeam’s leading edge Global Trade Management solutions,” said Graham R. F. Napier, TradeBeam’s president and CEO. “Financial institutions are well-positioned to offer additional services to their customers beyond their traditional role, and with our partnership they will be able to go to market with integrated physical and financial supply chain solutions that meet the needs of a rapidly-globalizing world economy." 

The new software will encourage companies to work together and share data across functional silos. "Banks can proceed at their own pace by offering a variety of new products to their customers on a menu basis without excessive implementation timelines and costs—which has always been an inhibiting factor,” said Jim Francis, senior vice president of financial services for Virtusa. “TradeBeam is a strong front-end option for banks considering solutions such as Open Account and Supply Chain Finance processing.”

TradeBeam’s release said the new systems will allow users “to leverage the bank network for trade finance, take advantage of expedited processing of transactions and enjoy improved accuracy and security. “