MUFG rolls out MIT’s TRAC collateral management system
The project started at the end of 2017, after MIT was selected by MUFG following a 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, MUFG’s head of commodity and structured trade finance EMEA, says: “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 adds that TRAC has multi-branch and multi time-zone architecture.
Headquartered in Tokyo, 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.
So if TRAC does go global, it will certainly get around.
MIT launched its TRAC in 2010. It says the purpose of the software is to replace the Excel worksheet used in the trade commodity finance sector. The product has been adopted by ten banks including BCGE, UBS, Natixis, Sberbank, and OCBC.