Bankmed (Suisse) SA chooses MIT’s trade finance platform
Bankmed (Suisse) has chosen to licence Micro Informatique & Technologies SA (MIT)’s back-end trade finance platform Credoc 5G, reports Jane Connolly.
The Swiss company’s software enables fast processing of letter of credits, guarantees and documentary collections, loans, advances, fund transfers, accounting entries, customised statistics and more.
As a Swift-ready certified application for trade finance, Credoc already integrates the adapted Swift message (7 series) announced for 2020, has built-in access to ‘in and out’ communication channels and can integrate with core banking systems.
“MIT’s extensive experience in trade finance was key in our decision to select Credoc 5G,” says Fernand Cendan, COO at Bankmed (Suisse). “I am also confident in the scalability of the system, as it will facilitate the support of our expected business growth.”
Paul Cohen Dumani, general manager of MIT, comments: “Releasing 5G is another important milestone for MIT and I believe it will strongly reinforce our market positioning on a global scale.”
Bankmed chose the model bank version of Credoc 5G. The embedded workflow engine and rules engine features will enable the bank to customise the software and adjust the level of automation required in the future.