KOMGO and MITECH formally announce extended collaboration to provide end-to-end workflows in two main areas.
 
The first being an integration of KOMGO’s system TRAKK with MITECH’s TRAC middle-office Collateral Management system. TRAKK is a unique blockchain system that allows users to create an immutable document to guard against fraud and falsification. Thanks to this integration, MITECH’s TRAC system will automatically verify the integrity of the Credit Facilities documents stamped in KOMGO’s system and display the result in TRAC.
 
The second being a seamless two-way communication between MITECH’s latest back-end Trade Finance solution CREDOC 5G and KOMGO’s multi-bank portal named KONSOLE. Corporate clients will be able to prepare and send their requests to issue Letters of Credit and Guarantees in KOMGO’s KONSOLE, which will channel these requests directly into CREDOC 5G, ensuring end-to-end Straight Through Processing.
 
Souleïma Baddi, CEO at KOMGO argues that “the increased interoperability and connectivity of the KOMGO and MITECH product lines will provide a win/win combination to the Trade Finance industry, especially in Geneva and Singapore where both Companies are very active”.
 
“Ensuring fast, secure and reliable data transmission between different actors of the Trade Finance Supply Chain is becoming ever essential due to the recent pandemic and fraud scandals in Trade” comments Paul Cohen Dumani, MITECH’s President, adding that “the new end-to end workflows will bring more reassurance to Trade Finance providers”.
 
About KOMGO (www.komgo.io)
 
KOMGO is a Geneva, Switzerland, headquartered software development and IT services company, offering digital network and workflow solutions that overcome the shortcomings of today’s trade finance ecosystem.
 
KOMGO powers a secure network of verified actors generating instantaneous trust between parties, accelerating efficiency gains, providing a benchmark data reference for the industry and delivering the best-in-class value to end-users through fours product lines:
 
Konsole connects corporates and banks through authenticated and structured exchanges (LC, SBLC, Doc collection, loans etc) easy to integrate.
 
Market facilitates price discovery for cover products (bank confirmation, receivable discounting, deposit etc)
 
Check provides a digital branded portal to facilitate exchanges of documents with external parties (KYC, Credit renewal, Contract negotiation, etc)
 
Trakk is a tool to enhance the security associated to trade documents exchanged between multiple parties via email (invoices, contracts, HC, BL etc)
 
 
About MITECH (www.mitsa.ch), the natural successor of MIT.
 
As of January 2020, MIT Make Intuitive Tech SA (MITECH) has taken over the operations of MIT Micro Informatique & Technologies SA (MIT) capitalizing on more than 35 years of experience in Trade Finance automation. MITECH is a swiss based Fintech 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. MITECH is headquartered in the Lausanne area in Switzerland with regional offices in Singapore and Belgrade.
In 2010 TRAC, (Trade Risk Active Control), a Middle-Office Trade Commodity Finance Collateral Management system was launched. 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.
Beginning of this year, MITECH also released 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 three financial institutions including Bankmed (Suisse) SA.
It was already 10 years ago that MIT successfully launched a new system to monitor Trade Commodity Finance Credit Facilities granted by Banks to International Trading Companies, and initially designed in partnership with BANQUE CANTONALE DE GENEVE (BCGE).
 
Ever since, MIT activities and operations have entirely been taken over by MITECH as part of a family transition. Nevertheless, the TRAC success story continues.
 
Today, prestigious financial institutions operate the system in various locations including Geneva, Zürich, Lugano, Paris, London, Singapore, Shanghai, Hong Kong, and New York.
 
“We have significantly enhanced the system over the years leveraging the expertise of our Customer base” says Paul Cohen Dumani, President at MITECH, announcing the launch of a brand new Borrowing Base module, as the company continues to invest in the development of this strategic product.
 
Paul Cohen Dumani adds that “prior to the launch of this module, we used to treat Borrowing Base in a transactional finance framework. This worked perfectly for Banks dealing with large volumes of Transactional Commodity Finance and lower volumes in Borrowing Base Financing”. Thanks to the new module designed with Consultants specialized in Trade Commodity Finance, TRAC can support most efficiently complex bilateral to multilateral Borrowing base structures.
 
“Of course, we are continually looking at new ways to improve the system”, says Michael Cohen-Dumani, MITECH’s CEO, as the Company is working closely on different areas of enhancement.
 
One of them being Digitization where the integration to various platforms (including DLTs) is thoroughly examined; Proof of Concepts have already begun. “With the recent scandals in Trade Finance, it is paramount we give more confidence to our Customers by integrating Digitization capabilities to our systems”, says Michael Cohen-Dumani.
 
About MITECH (www.mitsa.ch), the natural successor of MIT.
 
As of January 2020, MIT Make Intuitive Tech SA (MITECH) has taken over the operations of MIT Micro Informatique & Technologies SA (MIT) capitalizing on more than 35 years of experience in Trade Finance automation. MITECH is a swiss based Fintech 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. MITECH is headquartered in the Lausanne area in Switzerland with a regional offices in Singapore and Belgrade.
In 2010 TRAC, (Trade Risk Active Control), a Middle-Office Trade Commodity Finance Collateral Management system was launched. 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.
Beginning of this year, MITECH also released 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 three financial institutions including Bankmed (Suisse) SA.
September 10th, 2019
 
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.
 
MIT Make Intuitive Tech SA (MITECH) company has been created following the successful family transition of MIT Micro Informatique et Technologies SA (MIT), a family-owned business designing Trade Finance software solutions for banks since 1984.
 
Paul Cohen-Dumani, former General Manager of MIT has been appointed President of MITech. He is joined by Michael Cohen-Dumani, former Director at Procter & Gamble who will act as CEO of MITech.
 
All employees of MIT, specialized professionals in Banking, Finance International Trade and Computer Science have joined the newly formed company MITECH ensuring a smooth transition maintaining and leveraging its extensive market knowledge and 36 years’ experience in commercializing complex Trade Finance software.
 
MITech will continue to serve its solid portfolio of Swiss, European, Middle Eastern and Asian clients.
 
MITech key products consist of CREDOC 5G ™, the company’s flagship back-end Trade Finance solution, newly upgraded and relaunched in its 5th generation version, as well as TRAC ™, the revolutionary Trade Commodity Finance Collateral Management system. Both systems are designed to dramatically improve Trade Finance process productivity and compliance to the latest standards.
 
About MITech (www.mitsa.ch)

MIT Make Intuitive Tech SA (MITech) 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. MITech is headquartered in Lausanne, Switzerland with a regional office in Singapore.

Its key products consist of:
 
  • CREDOC 5G ™, fifth generation of our historical flagship product that launched in 1993. 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. Since its launch in September 2019, CREDOC 5G has already been licensed by three financial institutions including Bankmed (Suisse) SA.
     
  • TRAC ™ (Trade Commodity Finance Collateral Management system). Its purpose is to replace the Excel spreadsheet widely used in the Trade Commodity Finance sector to monitor Credit Facilities. Its key benefits being increased productivity within banks with dramatic compliance improvements in the area. The product has already been adopted by prestigious Banks including NATIXIS, UBS, OCBC, and MUFG among others.
MIT (Micro Informatique & Technologies SA) is pleased to announce that Mitsubishi UFJ Financial Group, Inc. (MUFG) has successfully gone live with MIT’s TRAC (Trade Risk Active Control) system. TRAC is a Collateral Management solution supporting Structured Trade Commodity Finance.

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.