NBAD reinforces its MIT platform with TRAC...

MIT (Micro Informatique & Technologies SA) announces that NBAD Private Bank (Suisse) SA, the wholly owned private banking subsidiary of the National Bank of Abu Dhabi (NBAD), has chosen TRAC (Trade Risk Active Control) to support its Commodity Finance team in Geneva. TRAC is MIT’s latest Collateral Management system supporting Commodity Finance and Structured Trade Finance.

Simon Durrance, Chief Operating Officer at NBAD Private Bank (Suisse) SA, said: “We’ve been working now for 4 years with MIT on the back-end part of our Trade Finance business, and we are satisfied with our partnership with them. So it made sense to adopt MIT’s middle/front system knowing our ambition to develop Commodity Finance.”

NBAD Private Bank (Suisse) SA is already our third Customer for TRAC; the system is showing good response from the market ever since its official launch two years ago, says Paul Cohen Dumani, MIT’s General Manager, adding that "NBAD Private Bank (Suisse) SA will reap the benefit of having TRAC working as an integrated solution with CREDOC, our Trade Finance back-end product already in production at the Bank".

"2012 has been a good year so far for MIT despite a troublesome economic climate", concludes Cohen Dumani, pointing out that CREDOC has also been selected by two other Banks in recent months.

About NBAD Private Bank (Suisse) SA(www.nbadsuisse.ch)

Based in the heart of Geneva, NBAD Private Bank (Suisse) SA is a fully independent and wholly owned subsidiary of the National Bank of Abu Dhabi Group (NBAD Group), reflecting Swiss private banking at its best, with an in-depth understanding of Arabian culture. Separate from private banking, the NBAD Group offers trade finance services through Geneva which acts as a trade gateway between European and MENA companies.

About MIT (www.mitsa.ch)

MIT (Micro Informatique & Technologies SA) is an independent Swiss company specialized in the development of Trade Finance software solutions for Bankers, such as the famous CREDOC installed in Prestigious Banks in Switzerland, the European market, and the Middle East. CREDOC is available on several platforms, and can be integrated in every type of organization.

MIT launched its new application TRAC (Trade Risk Active Control) in 2010. TRAC is a Risk and Collateral Management application destined for Trade Commodity Finance or Structured Trade Finance Relationship Managers, Credit Risk Managers, and Top Managers who want to track and monitor their risks appropriately. The purpose of the software is to replace the Excel worksheet widely used in the Trade Commodity Finance sector. The product is already live at Natixis and Banque Cantonale de Genève (BCGE).

For more information, please contact:

Jean-Luc Spinardi
Micro Informatique & Technologies SA
rue de l'industrie, 58
CH-1030 Bussigny près Lausanne
Tel: +41.(0)21-318.81.81
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MIT signs global deal with Natixis to implement TRAC software...

After issuing an RFP sent out to a different vendors in search for a Commodity Trade Finance Risk & Collateral Management System, Natixis has chosen MIT’s software TRAC (Trade Risk Active Control) to support its Commodity Trade Finance teams around the world.

The implementation project is actually divided into three lots. The first lot will see the Go-live of the Paris and Singapore branches, which is foreseen during first quarter of 2012. The second lot will come in a second phase with other Asian branches connecting to the system. Finally, the third lot should see the New York City branch handling its commodity trade finance business using TRAC.

About Natixis (www.natixis.com)

Natixis is the corporate, investment and financial services arm of BPCE, the 2nd-largest banking group in France with 22% of total bank deposits and 37 million clients spread over two networks, Banques Populaires and Caisses d’Epargne.

With around 22,000 employees, Natixis has a number of areas of expertise which are organized in three main business lines: Corporate and Investment Banking, Investment Solutions (asset management, private banking and insurance) and Specialized Financial Services.

A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of BPCE’s two retail banking networks.

Listed on the Paris stock exchange, it has a solid financial base with total Tier 1 capital of €16.5 billion, a Tier 1 ratio of 11.6% and quality long-term ratings (Standard & Poor’s and Fitch Ratings: A+; Moody’s: Aa3).

For further information about BPCE: www.bpce.fr/en

About MIT (www.mitsa.ch)

MIT (Micro Informatique & Technologies SA) is an independent Swiss company specialized in the development of Trade Finance software solutions for Bankers, such as the famous CREDOC installed in Prestigious Banks in Switzerland, the European market, and the Middle East. CREDOC is available on several platforms, and can be integrated in every type of organizations.

MIT launched its new application TRAC (Trade Risk Active Control) in 2010. TRAC is a Risk and Collateral Management appl

Lire la suite : MIT signs global deal with Natixis to implement TRAC software...

BCGE went live with TRAC

February 2011,

MIT (Micro Informatique & Technologies SA), Lausanne announces that Banque Cantonale de Genève (BCGE) went live with MIT's latest product TRAC (Trade Risk Active Control). TRAC will support the activity of the BCGE in Trade Commodity Finance.

Later this year, TRAC will be integrated with BCGE's Trade Finance system CREDOC also developed by MIT, and their core banking system FINNOVA. “BCGE is our first live implementation for TRAC”, comments Paul Cohen Dumani, General Manager at MIT, who remains confident that TRAC will gain significant market share in the next three years.

Cohen Dumani adds: “ BCGE backed us in this project since the very beginning, and believed the TRAC concept was the right answer to a lack of automation in the Trade Commodity Finance sector. Their experience and input throughout the whole project proved to be a highly useful complement to our expertise in this field”.  

Pierre-Olivier Fragnière, head of Global Commodity Finance at BCGE declared: “We are satisfied with our partnership with MIT, and especially with the fact that they were able to meet the deadlines set in their roadmap for the development of the TRAC project”. Fragnière added: “Our team is very enthusiastic to work with the new system, which will also enhance our monitoring of this activity”. 

About BCGE (www.bcge.ch)

BCGE: “made in Geneva” banking solutions

A universal bank since 1816, BCGE provides high-quality banking services for private, business and institutional customers in Geneva and its surrounding area. BCGE offers the following bank services: everyday banking facilities, private banking and asset management, pension planning, mortgages, and lending to the private and public sectors. It runs a trading room and offers financial engineering, corporate finance and global commodity finance services. The BCGE Group has 22 branches in Geneva and operates a number of its services inLausanne, Lugano, Zurich, Lyon, Annecy, Paris, Hong Kong and Dubai. It employs 810 people. BCGE is quoted on the SIX Swiss Exchange, the Swiss stock exchange.