Global Transaction Banking: Secure and Fast Processes with the BELLIN GTB Hub Premium Service
An interview with Martin Bauer Group
80% fewer complaints from beneficiaries, faster payment transactions and legally-secure banking relationships with respect to money laundering and state sanctions – these are the impressive results of Martin Bauer Services using the BELLIN GTB Hub Premium Service with their global transaction banking. The Martin Bauer treasury department processes payments in more than 80 countries on all continents, including more unusual destinations such as Azerbaijan or Senegal. Manfred König, head of finances, outlines how the Martin Bauer Group – a global leader in growing, refining and marketing of herbal products for the food, tea, phytopharmaceutical and animal nutrition industries – uses the GTB Hub Premium Service to add value to their business.
How does GTB Hub help underpin your strategy of secure and fast global transaction banking?
“On one side, we pursue the strategy to keep the circle of banks we cooperate with as small as possible. On the other side, we need a broad banking network in order to process our payments worldwide. To stay in complete control, we need to know which reference banks our banking partners are working with, and the GTB Hub app provides us with this information.”
What information does the GTB Hub Premium Service provide you with and how do you use this data in your global transaction banking?
“With the help of the GTB Hub app’s Premium Service, we receive access to the data that is relevant to us such as: Bank Identifier Codes (BIC), national IDs and Standard Settlement Instructions (SSIs). With this system, we gain complete transparency of the network of reference banks worldwide. Consequently, we can assess which banks and countries are suitable for use in our payments processing routes before initiation.”
Can you provide more detail about how Martin Bauer Services uses GTB Hub?
“Wherever possible, we aim to establish a direct payment route to the beneficiary in order to avoid any payment interruptions. In cases where this is not feasible, GTB Hub informs us about the reference banks that are operating between our banks and the bank of the final beneficiary. As a result, we can distinguish which bank provides the most direct and secure route and include it within our system.
Why were you looking for a solution like GTB Hub?
“It is crucial for our business today to pay our suppliers as quickly as possible. The herbal raw materials we source are subject to strict quality controls. Our laboratories need to conduct a thorough quality audit before we can approve any payments for a delivery, and this takes time. Thus, the settlement of payment needs to go all the more quickly. About two years ago, we discovered that some payments were held up for more than two weeks. We do not want and cannot make our suppliers wait that long.”
What advantages does faster money transfer in global transaction banking bring Martin Bauer Services?
“Complaints have gone down by 80% since we were able to inject transparency into our global banking system by using GTB Hub. It is now entirely up to us to determine the best possible route for us and for our suppliers. With over a thousand cross-border payments a year, delayed payment processing used to concern us a lot. However, more important than investing time and effort, we are able to guarantee the supply chain on the production side. Most of our suppliers are small agricultural businesses. The faster they receive their payments in order to pay harvesters or plant new crops, the faster they can provide a steady supply of their products. In the majority of cases, payments that we release to banks via GTB Hub reach the beneficiary as early as the next day.
What other advantages does transparent global transaction banking bring Martin Bauer Services?
“Being able to track payment routes also enables us to stay on top of transaction costs. We’re in a better position when it comes to negotiating fees. The transparency we have gained by using GTB Hub puts us on a level playing field with our banking partners.”
How does GTB Hub protect Martin Bauer Services from being implicated in money laundering activities or sanction breaches?
“Payment transactions have become a sensitive issue, not just in terms of cybercrime and fraud. We do business worldwide and therefore need to know who is involved in our payment transactions and which countries the money is routed through. Not having checked a payment route via a reference bank can cost companies a lot of money, at worst their future. GTB Hub provides information about all banks involved, giving us complete transparency. We know which banking relationships we’re made a part of and can exclude any potentially-risky routes.”
Do you benefit in any other way from using the GTB Hub Premium Service?
“GTB Hub is an invaluable source of information for us when we add a new supplier’s account details to the system for the first time. We can verify which reference banks the beneficiary bank is cooperating with. If we come to the conclusion that a reference bank is reliable, we can even send a payment order to a bank we’ve not previously worked with.
As part of the Premium Service, we receive automatic notifications whenever any banking details are changed, for example BICs or SSIs. We do not actively monitor any changes, which in return, is significantly reducing our administrative workload regarding our master data maintenance. Thanks to GTB Hub, we can be assured that we cooperate with the most suitable banks.”
About the GTB Hub app
GTB Hub is a system- and bank-independent global transaction banking (GTB) app aimed at businesses and banks operating worldwide.
Corporates gain access to a global bank directory, including details of all branches and locations. The GTB Hub Premium Service enables users to consult BICs, national IDs and Standard Settlement Instructions (SSIs) based on SWIFTRef Data. The app automatically notifies users of any changes to this data.
For banks, the app is an opportunity to showcase their commitment to security and innovation by including the app in their own portfolio. This makes it easier for them to acquire new customers looking for specific solutions. Banks are able to use GTB Hub for their own purposes.
In addition, the app’s Verify-Your-Supplier feature protects suppliers and their clients from payment fraud by enabling them to register and verify account details independently and 24/7.
Martin Bauer Services
Martin Bauer Services provides commercial services to their German the nature network® sister companies. The nature network® is a global leader in growing, refining and marketing herbal products used in the food, tea, phytopharmaceutical and animal nutrition industries. The product portfolio comprises over 200 plants, and raw materials are sourced in more than 80 countries on five continents. The family-owned business operates globally and distinguishes itself by its focus on values and a long-term business strategy. Rooted in their local region but active on a global scale, the nature network® promotes a holistic approach and responsibility along the entire value chain, inspired by conviction and passion. This approach resonates in their treasury management. Secure and fast processes for paying suppliers are important to Manfred König and his treasury team in order to guarantee security of supply in connection with valuable raw materials.
BELLIN GTB Hub App: Verify-Your-Supplier
This fun animated video highlights the Verify-Your-Supplier feature of the evolutionary BELLIN app GTB Hub, that enables you to find, rate and follow your bank, to stay on top of master data changes – and via the functionality explained in this video – to keep fraud at bay by verifying your supplier’s account information.