Natixis signs for MIT Trac

Source: MIT

After issuing an RFP sent out to a different vendors in search for a Commodity Trade Finance Risk & Collateral Management System, Natixis has chosen MIT's software TracC (Trade Risk Active Control) to support its Commodity Trade Finance teams around the world.

"The software will be physically installed in Paris and integrated to the Bank's IT infrastructure, but branches in Europe, Asia and eventually the United States will connect remotely to the system", says Paul Cohen Dumani, MIT's General Manager, adding that "it's a very important success for the Company, which will definitely reinforce the credibility of our latest product TRAC at an international level".

The implementation project is actually divided into three lots. The first lot will see the Go-live of the Paris and Singapore branches, which is foreseen during first quarter of 2012. The second lot will come in a second phase with other Asian branches connecting to the system. Finally, the third lot should see the New York City branch handling its commodity trade finance business using TRAC.

Olivier Gazzera, Head of Operations for Commodity Trade Finance at Natixis commented: "It came out during the evaluation that TRAC was the system most suited to our needs, since we were looking for a multi-branch system supporting both transactional and borrowing-base
financing. Furthermore, the system showed sufficient potential flexibility to support key components of our activities including (among others) the management of any type of limits, sub-limits, swing credit lines, MTM collateral valuation, risk price monitoring, and hedge
positions". 

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