Raft International plc, is pleased to announce that RWE, a leading European multi-utility company, has licensed raft credit, the Company's leading edge credit risk management solution.
This is the Company's second credit risk contract win within two months and is another significant contract in terms of licence fees, consultancy services and on-going maintenance for the Company. raft credit will be used by RWE's energy trading subsidiary, RWE Trading AG, which trades in electricity, gas, coal and oil, and energy derivatives.
RWE Trading AG, a wholly owned subsidiary of RWE AG which also owns nPower and Thames Water in the UK, will be implementing the complete raft credit solution, providing a credit risk management system that includes exposure management, collateral and workflow functionality. In addition RWE will implement two new products, raft scoring and raft legal.
raft scoring will allow RWE to evaluate a counterparty on relevant criteria specifically selected and weighted for its particular industry in order to score and calculate credit limits. raft legal provides a central repository of all legal documentation and provides for the safe storage and retrieval of legal contracts, netting clauses and comparison of contract differences.
David Priestley, Chairman and CEO at Raft International said, "I am delighted to announce this significant contract win which reflects the strengths of our software and the quality of our services. RWE provides a solid reference site for future clients and considerably strengthens Raft's position as a leading global provider of credit risk management solutions."