Arab Bank (Switzerland) is adopting Credoc software, provided by Swiss firm MIT, to help support the expansion of its trade finance operations.
The bank has selected the Windows-based version of Credoc for use by their trade finance team in Zurich and it will be interfaced with their core banking system APSYS, and their Swift solution IGT+.
“We knew the reputation of MIT and its software Credoc for quite some time, and the fact MIT had experience in integrating their system with APSYS convinced us that Credoc was the right solution for us,” comments Patrick Culliford, head of commercial at Arab Bank (Switzerland).
It is expected that the system will also help support Arab Bank’s ambitious plans for developing its trade finance business in Switzerland, reflecting a wider trend among Middle Eastern banks active in the country.
As Paul Cohen Dumani, MIT’s general manager, notes: “It is also interesting to observe a growing trend in the Swiss market; indeed, more and more Middle Eastern private banks aim to develop their trade finance activities from Switzerland, historically one of the most important trade finance platforms in the world.”
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