Ohio's National City Corporation has selected MKI's Trade Innovation product to support its trade finance and online corporate banking operations.
The bank says it selected Trade Innovation because of its capabilities to enable all trade finance transactions to be processed in one environment with a minimum of installation and configuration work. National City also cites the system's ability to streamline Swift-based message processing in the trade finance area, enabling straight-through processing and the automation of purchase order processing. In addition, Trade Innovation provides the infrastructure and tools for the bank to manage its trade-related syndications and participations.
"Throughout the next year, National City will significantly expand and enhance exact4web, the bank's Internet-based suite of global trade and treasury management products," says James Hansen, senior vice president of business solutions for National City.
New services to be added to the exact4web electronic product line include letters of credit and foreign exchange. National City corporate clients will be offered enhanced functionality and access to a variety of funds transfer, account and information reporting, and transaction initiation services, says Hansen. Multi-bank reporting, current day reporting, and foreign exchange are scheduled for introduction this quarter with broadened global trade and treasury management services later this year.