MultiCash 4.0 supports the new message formats for Foreign Trade

With effect from 18 November 2018, a new version of the Secure Communications Agreement of the German Banking Industry comes into force, which includes new formats for Letter of Credit transactions (version 3.2 of Annex 3 of the Secure Communications Agreement).

The modern Electronic Banking system MultiCash 4.0 fully supports these new formats, which replace the old versions at the switch-over date with no transitional period.

Alongside solutions for comprehensive cash management and international payments, MultiCash 4.0 also provides options for electronically processing Letters of Credit from importers and exporters. This provides internationally focused corporates with a standardized and convenient solution for processing all Foreign Trade business (Letters of Credit, Guarantees, etc.) with their banks. The functional range encompasses features for entering and administering orders, managing amendments and bank costs as well as functions for administration, logging and reporting of all activities.

The Foreign Trade applications can be used as add-on modules to MultiCash and MultiCash Transfer. Banks and corporates exchange messages using the standard communication channels in the core module. Information received by the corporate is automatically processed in the software application. Plausibility checks and validation of mandatory fields help to ensure that transactions are clean and correct. Open interfaces enable the direct transfer of data to and from other systems such as a trade administration, the accounting system or SWIFT.

At the touch of a button, the status of all current and historical transactions can be displayed clearly and directly analyzed. Both the current status of the individual transactions and their chronological development can be seen at a glance. Predefined, customizable reports provide users with a wide range of evaluation options.

The uniform and intuitive layout of the applications as well as the visual highlighting of mandatory fields ensure a high degree of user-friendliness. In addition, detailed messages help the user to create transactions smoothly and easily. A series of reference tables is held centrally and used by all Foreign Trade modules, which minimizes data redundancy. Individual user profiles with finely granular rights, an option for 4-eye checking and TÜV-certified data security guarantee the best possible protection of the data.

With the MultiCash Foreign Trade modules, corporates are able to manage all necessary documents efficiently and centrally, resulting in a sustainable increase in productivity and quality.