The Australian mining industry is under increasing pressure to improve operational efficiencies while keeping costs to a minimum.
While savings are commonly chased throughout the supply chain, efficiencies can also be achieved in the way businesses manage their financial transactions.
For trade businesses around Australia, it doesn’t matter how succinct your production processes are if they aren’t supported by equal capacity to carry out efficient financial processes.
CommBank’s New Trade Finance Platform
The Commonwealth Bank have recently re-launched their Global Transaction Services and Trade Finance portfolios. The increased investment in the bank’s global trade offering means that customers can now manage all their trade finance, foreign exchange and cash management positions through a specialised global trade portal on their existing CommBiz online business banking platform.
The new online offering means that customers now have real-time access to all their transactions 24 hours a day and only need a single login to see the complete picture of their trade finances.
This new capability is backed by a team of trade and industry specialists with in-depth experience, local market knowledge and on-the-ground presence in 12 international trade hubs and clients can transact across the globe seamlessly.
As businesses continue to expand on a global level, it is vital to be able to stay on top of what is happening within the industry at all times, all around the globe in order to take full advantage of operating at this level.
CommBank’s Trade Offering includes:
- Foreign Currency Account –Users can receive payments from international clients and pay international suppliers in over 14 currencies without converting funds to or from Australian dollars. This account also avoids surprises with currency fluctuations by converting funds at a time of your choosing.
- International Money Transfer – Users can send electronic payments quickly and securely from Australia to accounts in over 200 countries, using over 35 currencies.
- Supply Chain Finance – Users gain secure access to upload instructions, save reports and seamlessly integrate between various enterprise resource planning systems (ERPS) – making managing the cyclical flow of supply chains easier.
- Export & Import Trade Finance – Users can efficiently meet their financial and cash flow requirements while managing cross-border risk via greater end-to-end visibility of transactions.
One of the main benefits of the new online platform is being able to transact on your accounts and stay up to date with global markets in real-time, anywhere, anytime – ensuring uptime that allows customers to take advantage of global opportunities as they arise.
Essentially, CommBiz Global Trade provides users with a consolidated global view of trade activity and finance, foreign exchange, real-time cash flow management and complete visibility of day-to-day transactions, all in one place.
The service also offers a dedicated team of Trade and Industry specialists who have global market and sector knowledge, who can work with you to customise product solutions to meet your specific business requirements.
For more information, visit .commbank.com.au/tradefinance or talk to a CommBank Trade Specialist on 1300 654 112.