In today’s fast paced and technologically advanced world, can you name a thing or system which works without technology? No, right? Everything today, involves technology, in some or the way. Without it, there is almost nothing which can be done easily and effectively. Just like every other system, financial management also needs technology. Gfms portal stands as an important tool for adding efficiency in the management. It helps in easing the process of trade finance. Moreover, the tool is extremely significant. In this article we will talk about GFMS Portal. In addition, we will also discuss it’s functions and importance. So let’s begin.
Table of Contents
What is GFMS Portal ?
GFMS stands for global financial messaging system. The process of managing financial transactions in trade is often complex. However, with gfms it becomes easy and quick. People involved in trade can communicate and exchange information safely. Moreover, the information sharing process becomes effective with this tool. Furthermore, these people are –
- Financial Institutions
- Shareholders
- Government
- Corporations
Additionally, this portal is designed with high end technology. Not just this, the portal makes sure that all the transactions are performed in safe and secure manner. It makes sure of transparency and accuracy in the exchange of information and financial management. Also, gfms ensures that the transactions follow the international regulation.
Features of GFMS Portal
Some of the key features of this portal are –
- Real -time updates
- Management of Documents
- Safe Messaging
- Adherence to International Regulations
These are the four key features of gfms. Moreover, knowing about these characteristics in detail is crucial to understand the portal. Therefore, let us see what these features mean :
Real Time Updates
All the updated related to the transactions are in real time. It means that this portal gives updates to the people involved as soon the the transactions are made. In other words, users get instant updates related to the status of transactions. Moreover, this features also tells people about the documents that are required in making transactions or further processes. It facilitates the process of transactions and removes the problem of delay.
Management of Documents
Often the process of handling the documents becomes difficult. Moreover, it is inconvenient and involves risk of losing the documents. However, gfms helps in managing the documents digitally. Thus, all the trade documents are stores digitally reducing the risk of losing them. Hence, the process becomes easy and convenient. In addition, sharing documents for various purposes becomes easy as you can share them digitally.
Safe and Secured Messaging
The portal uses encrypted communication system. It means all the communication you do remains safe and secured. Thus, the risk of getting the confidential information leaked is removed. Moreover, it also does not allow any unauthorised access to the portal or the information. Therefore, your financial information will remain safe on this portal.
Adherence to International Regulations
Gfms portal keeps check on the transactions to make sure it sticks to the International regulations. Therefore, it ensures safety from money laundering. There is often much risk associated to trade financing. However, this portal removes the risk and promises prevention from any kind of fraud.
Advantages of Gfms Portal
All the parties involved in trade financing experience some benefits by using this portal. These advantages that they get are –
- Global Reach
- Efficiency in Transactions
- Transparency
- Reduction of Costs
Let us have a closer look at these benefits and get to know more about what people actually get by using the portal :
Global Reach
The portal connects Corporation across the globe. Thus, it promotes global relationships in international trade.
Efficiency in Transactions
The portal makes all the trade transactions easy and quick. There is often a lot of paperwork involved in global trade. However, gfms removes all the process of paperwork. Moreover, manual work and tiring processes are reduced.
Transparency
As the portal provides real time updates, it adds transparency to the process of making transactions. Thus, the portal provides clear picture of all the transactions removing any kind of fraud and doubt. Furthermore, transparency also improves the nature of trust between the parties involved in the transactions.
Reduction of Cost
Manual processes involve handling documents, a lot of errors and postponements. However, with the portal, all the process shifts online. Thus, the cost involved in doing work manually, handling documents, and other things is reduced. In other words, we can say that gfms portal reduces the cost and increases the efficiency.
What Impact Does It Have on Trade Finance ?
The portal ensures a safe and secure environment for the trade transactions.
Gfms facilitates the trade processes. Therefore, it promotes international trade.
The process of documentation is simplified. Therefore, trade finance becomes more accessible to small businesses.
Conclusion
Gfms portal facilitates international trade finance. Moreover, it is a technology based tool which helps in making all the global trade financing easy. There are many benefits which are provided by this portal. Furthermore, it reduces cost, provides transparency and also helps global reach. This tool plays a very significant role in trade financing and has several impact on the industry. Thank you.