Misys (LSE: MSY), the global application software and services company, today announces that Calyon, the corporate and investment banking arm of Credit Agricole Group, has gone live with the innovative purchase order and invoice management capabilities of Misys Trade Portal.
The new functionality enables Calyon to broaden its service offering to customers to now include open account-based scenarios in support of advanced trade payables and receivables financing mechanisms.
Trade finance has faced its own challenges over the last fifteen months and as a result, organisations have been looking to broaden their offering and satisfy the demand from customers for more flexible trade finance products. Calyon, a long-standing customer of Misys, needed a solution to enable it to offer tailor-made financial supply chain services such as early payment services. Using Misys Trade Portal, Calyon is able to give customers, such as the Casino Group, one of the world's leading food retailers, an online portal through which they can also have a better, more strategic relationship with their suppliers.
Calyon can now easily adapt its trade finance offering with the easy-to-use capabilities in Misys Trade Portal. The solution is the only one that truly offers end-to-end integrated online services, including purchase order initiation, invoice presentation, automated submission of the payment all on the same platform. These services are all provided alongside traditional trade finance instruments such as Letters of Credit, Documentary Collections and Guarantees on the platform. This benefit gives Calyon a significant advantage over its competitors and the solution is integral to the bank's growth plans in this space.
"Improving services with a competitive offering is vital to our business. Working with Misys has enabled us to continue to innovate for our customers and quickly respond to changing market conditions." states Francois Cron, Head of Trade Finance e-Banking at Calyon. "The solution was very quickly rolled out, from proof of concept and testing to implementation in under twelve months and we already have a customer using it and taking advantage of the innovative facilities the solution and platform provides."
"Innovation, flexibility and ease of use are the demands that Misys and Calyon are both hearing from customers," said Olivier Berthier, Solutions Director, Transaction Banking, Misys. "As a long-term partner of Calyon, we're delighted that we were able to provide the latest innovations for its trade finance business. Misys Trade Portal provides that to our clients and in turn, helps them to deliver solutions and services that are critical to their customers."