In our news item of 7 May 2019, we reported that SWIFT had decided to decommission their Trade Service Utility (TSU) platform and transaction matching application with effect from December 2020.
The comment was also made “In itself, the decommissioning of the TSU does not spell the end for the BPO product, provided another organisation can provide a system with the same functionality as the TSU. Unlikely, but possible."
Well, it looks like it will be possible!
essDOCS announced today that several banks have commenced testing its newly developed CargoDocs Transaction Matching Application (Cmatch). CMatch enables banks to continue offering two-corner Bank Payment Obligations (BPOs) – alongside next-generation digital trade instruments, such as four-corner Bank Payment Undertakings (BPUs) – by replacing the soon-to-be-discontinued SWIFT Trade Services Utility (TSU).