Sberbank (Switzerland) AG has deployed MIT’s middle to back-office Trade Finance platform. The contract was signed last year; Sberbank (Switzerland) AG chose the MIT platform after considering several alternatives both for back-office and middle-office components. This was a logical step as Sberbank CIB’s Zurich-based office continues to be a center for its fast growing Commodity Trade Finance (CTF) business.
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 was split into two major phases. The first phase saw the go-live of CREDOC at the end of last year. The second phase started in parallel to CREDOC’s go-live, and was related to the implementation of TRAC, which was completed last month.
Igor Ukrasin, head of Corporate Banking at Sberbank (Switzerland) AG said: “It made perfect sense for us to choose MIT because of their proven expertise both in vanilla trade finance and structured commodity finance. We are very pleased with the outcome – the solution provider met all project deadlines.”
“It is exciting for us to start a partnership with Sberbank CIB knowing that Sberbank intends to develop CTF across the group,” said Paul Cohen-Dumani, General Manager at MIT, adding that “We are still very much the only software editor on the market that can provide both a back-end trade finance system along with a trade collateral management solution; this obviously sent a strong message to the Bank, and continues to send a strong message to the market.”
MIT (Micro Informatique & Technologies SA) is an independent Swiss company specializing in the development of trade finance software solutions such as the well-known CREDOC used by leading banks across the globe. CREDOC is available on several platforms, and can be integrated in every type of organization.
In 2010 MIT launched its new application TRAC (Trade Risk Active Control). TRAC is a risk and collateral management application designed for trade commodity finance or structured trade finance relationship managers, credit risk managers, and top managers who want to track and monitor their risks appropriately. The purpose of the software is to replace the Excel worksheet widely used in the trade commodity finance sector. The product has already been adopted by prestigious banks including Natixis, UBS AG, and Banque Cantonale de Genève (BCGE).