Trade finance software providers Komgo and Mitech have joined forces to offer what they say will be a cost-effective solution for banks.

Named Konsole+, the solution is both a back-office system and a communication portal for trade finance clients, with APIs acting as a bridge between the two.

In practice, it means that client requests and other data can be transferred to a bank’s systems without requiring manual re-entry.

The solution incorporates Komgo’s existing portal, Konsole, with Mitech’s back-office system Credoc 5G.

Two Danish banks, Nykredit and Spar Nord, have already signed up to Konsole+ through Danish technology aggregator Bec Financial Technologies, which is managing the implementation of the system for the lenders.

Komgo and Mitech say their partnership is a unique offering by bringing together two software providers to offer a comprehensive trade finance solution for banks.

“IT in trade finance has maybe been too expensive for the last 15 to 20 years,” Komgo’s global head of business development Tim-Emilien Tran Ngoc tells GTR. “Part of our duty as software provider is to also be able to provide more affordable solutions so that doing trade finance is less costly, and banks can address a larger pool of clients.”

Another advantage of the system is that it only requires a few weeks or months of implementation, compared to other options that require long, phased-in approaches.

“By integrating Credoc 5G with Konsole using our proprietary connector, we provide banks with streamlined access to Komgo solutions and network, significantly reducing the burden of integration work,” says Mitech chief executive Michael Cohen-Dumani.

Cohen-Dumani adds that in the next two years, the companies expect at least seven to 10 banks will be using the solution, based on banks which already count both Mitech and Komgo as vendors.

Komgo, which began as a commodity trade finance platform, has extended its reach into other areas of trade finance. In 2022, it acquired software provider GTC, and earlier this year launched a distribution marketplace for trade finance assets.