NBAD selects CREDOC WINDOWS for international branches
NBAD selects CREDOC WINDOWS for international branches
Abu Dhabi, September 15th 2010
MIT (Micro Informatique & Technologies SA), Lausanne announces that National Bank of Abu Dhabi (NBAD) has selected CREDOCWINDOWS as the system to support the Trade Finance operations of five international branches, namely United Kingdom, Jordan, Bahrain, Oman, and Kuwait. B-Source, the Swiss market leader in the sourcing of back office and IT services (BPO) to private and universal banks, will operate the system from its premises in Switzerland. NBAD’s branches will connect to the system remotely.
“It is a strategic contract for MIT since it reinforces our presence in the Middle East”, declared Paul Cohen Dumani, General Manager of MIT. He added: “Actually the company is going through exciting times with the recent sales of CREDOC in Switzerland and abroad, and also the launch of our new product TRAC for Trade Commodity Finance and Structured Trade Finance.”
NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.
“NBAD Private Bank (Suisse) SA, the 100% owned private banking subsidiary of the National Bank of Abu Dhabi (NBAD),has been using the system for two years and they are very happy with it. Furthermore, we were very impressed that MIT was able to implement the system in only 3 months in our fully independent and wholly-owned subsidiary.” said Ashraf Ahmad, Projects office Group Leader at NBAD. "The new solution allows us to increase our efficiency and to expand our business model."
The National Bank of Abu Dhabi (NBAD), the number one Bank in the UAE, was incorporated in 1968 and is listed in the Abu Dhabi Securities Exchange (ADX), under stock code NBAD. Ranked as one of the 50 safest banks in the world, NBAD was named in 2010 as the Best Bank in the UAE for the second consecutive year and for the fourth time in a decade. A global bank, NBAD operates in 13 countries spanning four continents. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses. The Bank is organised into various client-focused divisions. They are the UAE Domestic Banking, International Banking, Financial Markets, Corporate and Investment Banking, Abu Dhabi National Islamic Finance (ADNIF), and Global Wealth comprising of Private Banking and Asset Management Group, and the wholly owned stock brokerage company Abu Dhabi Financial Services (ADFS). The Bank's wholly owned subsidiaries, Abu Dhabi National Leasing Company (ADNL) and Abu Dhabi National Properties (ADNP) are part of the Corporate and Investment Banking division.
More information: www.nbad.com
B-Source is the Swiss market leader in the sourcing of back office and IT services (BPO) to private and universal banks. B-Source also provides IT Outsourcing (ITO) services to the financial, insurance and other selected industries. Its clients include banks in Switzerland and a number of other countries. All services are ISO 9001:2008 and ISO/IEC 27001:2005 certified and the company is SAS 70 Level II audit report compliant. B-Source works closely with its business partners the University of St. Gallen's Competence Center Sourcing, Avaloq and Orbium. B-Source's new BPO platform, the B-Source Master, is “powered by Avaloq”.
Founded in 1995,B-Source has offices in Basel, Lucerne, Lugano, Nyon, St.Gallen, Winterthur, Zurich and Munich. Its data centers are located in Lugano and Zurich. The current number of employees is approximately 600, half of which are banking professionals.
More information: www.b-source.ch
Corner Banca chooses CREDOC
After an overview of different vendors in the market, Cornèr Banca SA has chosen CREDOC Windows as the software to support its Trade Finance operations, announces MIT (Micro Informatique & Technologies SA), Lausanne. The system will be interfaced with their core Banking system developed in-house, and their Swift solution Stelink from Sterci, an MIT official partner.
“I used to work with CREDOC in another Bank and I always appreciated the user-friedliness of the software” said the head of Trade Services at Cornèr Banca SA, adding that “the sytem supports all the financial intruments required for our developping Trade Finance business”.
“Cornèr Banca is a key banking player in the Ticino region”, declared Paul Cohen Dumani, MIT’s General Manager adding that “this new CREDOC implementation will reinforce our presence in Lugano since the Cornèr Banca will be our third operative site in the region”.
About Cornèr Banca SA (www.cornerbanca.com)
Cornèr Banca is a private, independent Swiss bank established in 1952 with headquarters in Lugano. Traditionnaly specialists in Private banking, in lending and credit cards, the Bank also provides its Customers with a whole range of traditional banking products and services including Trade Finance. The Bank has operating branches in Lugano, Locarno, Lausanne, and Zurich, with affiliates in Luxembourg and the Bahamas.
Arab Bank licenses CREDOC
MIT (Micro Informatique & Technologies SA), Lausanne announces that Arab Bank (Switzerland) Ltd has chosen CREDOC as the software to support its Trade Finance operations. The Bank has opted for the Windows based version of CREDOC, perfectly suited for their Trade Finance department in Zürich. The system will be interfaced with their core Banking system APSYS, and their Swift solution IGT+. The acquisition of a mature Trade Finance system is part of the Bank’s overall strategy in developing its Trade Finance activities in the Swiss market, while benefiting from the solid network of Arab Bank plc worldwide.
“We knew the reputation of MIT and its software Credoc for quite some time, and the fact MIT had experience in integrating their system with APSYS convinced us that CREDOC was the right solution for us, said Patrick Culliford, head of Commercial at Arab Bank (Switzerland) Ltd adding that “CREDOC will help us to support the ambitious business plan we have set ourselves for developping our Trade Finance business”.
“While we are most honoured to welcome Arab Bank Switzerland in our community of users, it is also interesting to observe a growing trend in the Swiss market; indeed, more and more Middle Eastern Private Banks aim to develop their Trade Finance activities from Switzerland, histrorically one of the most important Trade Finance platforms in the world”, declared Paul Cohen Dumani, MIT’s General Manager.
About Arab Bank (Switzerland) Ltd (www.arabbank.ch)
Arab Bank (Switzerland) Ltd was founded in 1962 and has a recognized Swiss bank status. As a Swiss bank, it is subject to all Swiss banking laws, rules and regulations and is supervised by the Swiss Federal Banking Commission.
For over 45 years, Arab Bank (Switzerland) Ltd has been offering private banking services and has built an excellent reputation in the successful management of clients' assets. The Bank is also a premier partner in several commercial banking areas including Trade Finance. The clients of Arab Bank (Switzerland) Ltd originate from or are resident predominantly in Arab countries. As a member of the Arab Bank Group and as an independent sister company of Arab Bank plc, Arab Bank (Switzerland) Ltd can draw upon a wide network of branches in the Arab world and in major financial centers around the globe.
MIT launches Trade Commodity Finance software for Banks
MIT (Micro Informatique & Technologies SA), Lausanne announces the launch of a new J2E software called TRAC (Trade Risk Active Control), a Trade Commodity Finance Customer Portfolio Management software for Banks.
The new solution will be officially introduced in May at the“12th Day on Banking Solutions” in Geneva, and later this year in October at the “SIBOS” event in Amsterdam.
TRAC is a front office role-based application destined for Trade Commodity Finance Relationship Managers, Credit Risk Managers, and Top Managers who want to track and monitor theirs risks appropriately. The purpose of the software is to replace the Excel worksheet widely used in the Trade Commodity Finance sector (more information is available at www.mitsa.ch).
“It's an important milestone for our Company”, comments Paul Cohen Dumani, General Manager at MIT, who believes that “Trade Commodity Finance automation is an issue that has never been really addressed by software vendors until now”.
Cohen Dumani adds: “we've been working on the subject for nearly three years, since some Customers and prospects were frequently stressing on the need to develop such an application”. MIT are confident the new solution will achieve success in the Banking industry. “So far, we have received highly positive feedbacks from the Banks having already seen the product” says Cohen Dumani, adding that “a Bank based in Geneva and very active in Trade Commodity Finance, has already licensed TRAC and will go live with the product at the end of the year”.
TRAC is a multi-entity browser-based system. Its flexible architecture allows an easy integration with any core banking solutions, or any other traditional Trade Finance systems including CREDOC.