Cleveland, Ohio-based National City Corporation has selected Trade Innovation from Midas-Kapiti International (MKI) to support the bank’s entire trade finance operations. Trade Innovation, MKI’s advanced international trade finance solution, has been designed to operate in a client/server environment running on the Microsoft Windows NT platform. Trade Innovation, having been licensed by more that 100 banks throughout the world, now has the fastest-growing customer base of any trade finance system currently on the market.
National City selected Trade Innovation because its complete trade finance capabilities enable all trade finance transactions to be processed in one comprehensive environment. Trade Innovation is a flexible system that can cope with a wide range of trade finance requirements, yet it requires a minimum of installation and configuration work before it is ready to be used. It has been designed around standards that support the business of trade finance, specifically SWIFT and the UCP 500 regulations.
"Throughout the next year, National City will significantly expand and enhance exact4websm, the bank’s Internet-based suite of global trade and treasury management products,” said James Hansen, senior vice president of business solutions for National City. "Trade Innovation provides us with state-of-the-art technology that will allow National City to deliver online capabilities to our customers more quickly and efficiently."
Using the latest in information processing technology, Trade Innovation brings together the power of Windows NT, the flexibility of Client/Server architecture, the openness of a relational data model, and the sophistication of object oriented development, all in an easy-to-use, comprehensive package.
Among the reasons cited by National City for the selection of Trade Innovation is the system’s ability to streamline SWIFT processing in the trade finance area, essentially creating a straight-through-processing (STP) environment and the automation of purchase order processing. In addition, Trade Innovation provides the infrastructure and tools for National City to manage its trade-related Syndications and Participations. These features will offer real value to the bank’s trade finance clients.
As announced in November at the annual Association of Financial Professionals conference in Philadelphia, National City plans to significantly expand exact4websm and aggressively add new services to its exact4websm electronic product line throughout this year, such as letters of credit and foreign exchange. Clients will be offered enhanced functionality and access to a variety of funds transfer, account and information reporting, plus transaction initiation services. Multi-bank reporting,
current day reporting, and foreign exchange are planned to be introduced in the first quarter, with broadened global trade and treasury management services later this year.