After considering several options, UBS AG has selected TRAC to support its fast growing Commodity Trade Finance (CTF) business. TRAC (Trade Risk Active Control) is a collateral management software, supporting Banks’ Structured Trade Commodity Finance activities. The product will be physically installed in one single location in Switzerland, and fully integrated within UBS AG’s IT infrastructure. Furthermore, the true multi-branch architecture of TRAC will allow CTF teams based in Geneva, Zürich, and Lugano to connect remotely to one centralised system.
“It’s a highly strategic contract and reference for us” said MIT’s General Manager Paul Cohen Dumani adding that “as part of this deal, the product will be significantly enhanced with very interesting new functionalities that will be made available to the Banking community”. A first go-live including a first lot of new functionalities is foreseen for the second quarter of 2014, while a second go-live including a second lot of new functionalities is due to take place during the third quarter of next year.
Paul Cohen Dumani concludes: “I believe MIT was chosen not only for the many features already available in the software, but also for our proven in-depth knowledge of the CTF business. We understood clearly the level of automation they wanted to achieve, as we were able to suggest concrete and realistic solutions for issues they needed to address”.