After having conducted a thorough evaluation of different options in the market, Bankmed (Suisse) SA has decided to license CREDOC 5G, the Trade Finance platform of well-known Swiss based software vendor MIT (Micro Informatique & Technologies SA).
CREDOC 5G is the latest-born back-end Trade Finance product from MIT to be officially launched in September 2019. CREDOC 5G enables fast processing of Letter of Credits, Guarantees, and Documentary Collections, loans, advances, funds transfers, accounting entries (liability and financial), customized statistics, forthcoming digital banking capability and so on.... Facilities of Integration with Core Banking systems, and built-in access to « In & Out » communication channels (including E-mail and SWIFT) are provided. CREDOC is a SWIFT Ready certified application for Trade Finance, and already integrates the adapted SWIFT messages (7 series) announced for 2020.
The underlying framework used for CREDOC 5G enables a much greater capacity to personalize the system in order to support the specific needs of varied Bank’s Trade Finance organizations.
Paul Cohen Dumani, General Manager of MIT: “we are delighted to couple the launch of CREDOC 5G with the arrival of Bankmed in our community of users” adding that “releasing 5G is another important milestone for MIT and I believe it will strongly reinforce our market positioning on a global scale”.
Bankmed (Suisse) SA will be an early adopter of the system, and has opted for the “Model Bank” version of CREDOC 5G, but the customization capability offered to the bank as well as the possibility to tune the level of automation required, will prove essential over time, thanks to the embedded “Workflow Engine” and “Rules Engine” offered with the package. Furthermore, the true “Service Oriented Architecture” will enable a seamless integration within the Bank’s infrastructure.
“MIT’s extensive experience in Trade Finance was key in our decision to select CREDOC 5G”, commented Fernand Cendan, COO at Bankmed (Suisse) SA. Thus, the system was designed to support the requirements of small, medium, and large Trade Finance organizations with one same technology. “I am also confident in the scalability of the system, as it will facilitate the support of our expected business growth”.
About Bankmed (www.bankmed.ch )
BankMed (Suisse) SA is exclusively dedicated to private banking, offering the whole range of banking services with a strong expertise in the selection of sophisticated investment instruments.
The Bank can also satisfy its Customer base with potential requirements for commercial documentary credits, standby letters of credit as well as all types of guarantees.
Member of GroupMed, one of the largest banking and financial groups in Lebanon, with a growing international presence, BankMed (Suisse) SA offers a decisive additional advantage: its global reach.
Thanks to this efficient network of leading banks, BankMed (Suisse) SA’s Customer base gets privileged access to high level teams of specialists in corporate and investment banking, who made their reputation in structuring innovative and complex financing deals.
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. MIT his headquartered in Lausanne, Switzerland with a regional office in Singapore.
MIT also launched in 2010 a Middle-Office Trade Commodity Finance Collateral Managment system called TRAC (Trade Risk Active Control). The purpose of the software is to replace the Excel spreadsheet widely used in the Trade Commodity Finance sector to monitor Credit Facilities. The product has already been adopted by prestigious Banks including NATIXIS, UBS, OCBC, and MUFG among others.
In September 2019, MIT is releasing a brand-new version of its well-known back-end Trade Finance product. CREDOC 5G is a Rich Web Client, multi-entity (Branch/bank), multi-time zone, and multi-language/alphabet system. It was designed using a modern “Service oriented” architecture embedding best of breed “Workflow Engine”, “Rules Engine”, and “Business Activity monitoring” components. CREDOC 5G is truly “agnostic” in terms of underlying Operating System, Application Server, and Database. CREDOC 5G has already been licensed by two financial institutions including Bankmed (Suisse) SA.
The project started at the end of 2017, after MIT was selected by MUFG following a competitive process to support its Commodity Trade Finance team in London, with a view to potentially implementing it globally in a second stage.
Jean-Marie Le Fouest, Head of Commodity & Structured Trade Finance EMEA said: “We’ve strongly increased the business over the past two years, and it was vital for us to adopt a robust system to support our significant growth”.
Paul Cohen Dumani, MIT’s General Manager declared: “We’re happy to welcome such a prestigious reference in our community of users” adding that “TRAC’s true multi-branch and multi time-zone architecture will be key, when MUFG decides to roll out the system globally”.
About MUFG (www.mufg.jp/english )
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with approximately 360 years of history, MUFG has a global network with over 1,800 offices in more than 50 countries. The Group has over 150,000 employees, and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.
The Group aims to be the world’s most trusted financial group through close collaboration among its operating companies, and to respond to all of the financial needs of its clients, serving society, and fostering shared and sustainable growth for a better world.
MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
MIT (Micro Informatique & Technologies SA) has just officially completed the opening of an office in Singapore, which will act as MIT operational centre for the Asia Pacific region. Yet another achievement for MIT following its recent announcement that its TRAC (Trade Risk Active Control) Collateral Management system had recently been selected by OCBC to support its growing Trade Commodity Finance business in Asia. The office will already serve two customers in Singapore, namely OCBC and NATIXIS, but plans to grow significantly its regional Customer base within the next two years, and extend its reach well beyond Singapore.
Jean-luc Spinardi, long-time member of the MIT management team, has been appointed “Regional APAC Manager”. Spinardi will run the Singapore office for MIT, and will be in charge of promoting MIT products throughout the region. Jean-luc Spinardi declared “I am very excited with this new challenge, and I am confident MIT’s expertise in Trade Commodity Finance will help our Company to be successful in Asia, and especially in Singapore, the largest Commodity Trade Finance hub in the region”.
After considering several options for back and middle-office solutions, Bank GPB International SA, a member of the Gazprombank group, has selected the MIT’s Trade Finance platform to support its strong ambition of developing its Commodity Trade Finance business from Luxemburg.
The MIT platform chosen by the bank comprises CREDOC, the flagship back-end trade finance solution from the Swiss software editor, and TRAC, its middle/front collateral management system, which provide support for transactional commodity finance and structured trade finance.
The project is due to be completed by the end of the year, with TRAC planned to go-live at the end of the first quarter, while CREDOC will be rolled-out during fourth quarter.
Dmitry Derkatch, General Director at Bank GPB International SA, declared: “MIT’s extensive functionalities and expertise in Trade Finance were a perfect fit to our organization. The systems are scalable to support our ambition of strongly increasing our Commodity Finance volumes in the coming months”.
“We are proud to count another prestigious reference in our community of users” said Paul Cohen-Dumani, General Manager at MIT, adding that “the combination of our solution TRAC and CREDOC provides a key differentiator for us in the market, and the adoption by Gazprombank in Luxembourg is yet another confirmation that our strategic options were accurate.”
About Bank GPB International SA (www.gazprombank.lu)
Bank GPB International S.A. was established in 2013 (as "GPB International S.A.") as a 100% subsidiary of Gazprombank (Joint-stock Company), which is the third largest financial institution in Russia. Having deep expertise on Russian as well as European financial markets the Bank offers a broad range of financial services and provides individually customized solutions in the following areas:
About Gazprombank (www.gazprombank.ru/eng/ )
Gazprombank has successfully operated in the banking market since 1990. Founded by the world's largest gas producer and exporter Gazprom to provide banking services for gas industry enterprises, Gazprombank has since become a leader in the banking sector, which key performance indicators place the Bank among the top three banks of Russia.
Gazprombank as a universal financial institution delivers a wide range of banking and investment services for over 45,000 corporate and about4 million private clients.
Gazprombank invests and lends to companies in major sectors of the economy – oil and petrochemical industry, metallurgy, machine building, nuclear industry, electric power industry, real estate construction, transport, telecommunications and trade. Diversified client base enables a strong growth of a corporate loan portfolio and the retail business also shows sustainable growth. Despite of a rapid growth of the loan portfolio, efficient risk policy and prudent approach to borrowers allow the Bank to maintain a ratio of problem and non-performing loans at the lowest level among the largest Russian banks.
Gazprombank actively develops areas closely related to the investment business. Besides strategic investments to oil-and-gas, petrochemical industries, and media-business, in Russia Gazprombank occupies leading positions in transactions in the capital markets (bonds underwriting, arranging financing for clients), corporate finance advisory and project finance.
At present, Gazprombank operates six subsidiary and affiliated banks in Russia, Belarus, Switzerland and Luxemburg, representative offices in Kazakhstan, China, Mongolia and India.
Gazprombank's network across Russia extends from Kaliningrad in the west to Youzhno-Sakhalinsk in the east. The total number of offices delivering customer friendly high-quality banking and depository services under the single brand name of Gazprombank exceeds 390.
Steady growth and high reliability were rewarded with ratings assigned by international rating agencies: Moody’s Investors Service, Standard & Poor’s etc.
Gazprombank was twice awarded by The Banker Magazine as “The Bank of the Year in Russia” in 2001 and 2005.
MIT successfully acquired yet another new major customer when it signed a contract with OCBC Bank, on May 10th 2016 to support the bank’s Commodity Trade Finance business with its TRAC (Trade Risk Active Control) system.
"We are excited to break into the Asian market”, says Paul Cohen Dumani, General Manager at MIT, adding that “MIT increases its footprint in Singapore with NATIXIS Singapore already using TRAC”.
Headquartered in Singapore, OCBC Bank is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank has been ranked Asean’s strongest bank and among the world’s five strongest banks by Bloomberg Markets for five consecutive years since the ranking’s inception in 2011.
Maggie Cheong, Head of Transaction and Collateral Management-Global Commodities Finance at OCBC explains that “We have chosen the TRAC system as it provides the best fit to our needs in monitoring structured trade transactions. Another key factor in our decision is MIT’s experience in supporting major trade financing service providers globally”.
In order to capitalize on this major achievement, MIT is due to open an official representative office in Singapore in the summer. This new office shall serve as base of operations for the ASIA PACIFIC region.
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