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.