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Bayern LB opts for Trade Services Utility

Left to right: Franz Hörmann, Organisation and IT, Bayern LB. Florian Seitz, Business Area Savings Banks and Bavarian Markets, Bayern LB. Urs Kern, Senior Manager, Trade, EMEA, SWIFT. Jürgen Marstatt, Senior Account Manager, Central & Eastern Europe, SWIFT

Bayerische Landesbank (Bayern LB), a German savings bank, has signed up for SWIFT’s Trade Services Utility (TSU) with the aim of developing its supply chain finance service offering.

By signing up to TSU, Bayern LB will be able to match data between buyers and sellers, as well as allowing them to add additional banking services for its customers. This includes linking existing payment services to the data, financing and e-invoicing.

“TSU will give us a big advantage in this area,” said Florian Seitz, Bayern LB’s first vice president and team leader for the firm’s documentary business. “The main benefit is that you do not need a bilateral system implementation between banks and it provides a standardised data structure, which we think will be a key point in the future of open accounts.”