Misys, the leading financial software company, has been rated as “Best-in-Class” in two categories in a recent CEB TowerGroup report, entitled “Trade Finance Applications – Technology Assessment”. CEB TowerGroup analysts evaluated the major trade finance software providers across four categories, comparing corporate client online services, transactional capabilities, and levels of enterprise support for trade finance.
The technology analysis from CEB TowerGroup profiles and ranks trade finance solutions, by combining qualitative and quantitative data from interviews with industry experts, financial institutions and technology providers.
Misys was awarded “Best-in-Class” in two categories:
1. CORPORATE CLIENT SERVICES – covering attributes that enable banks’ corporate clients to initiate and authorise transactions quickly and effectively.
2. TRANSACTIONAL CAPABILITIES – covering those attributes that enable banks to deliver a comprehensive set of trade services and adapt to changing client needs.
“Misys’ trade services offerings have an impressive user experience that both front- and back-end applications deliver, and have many in-built features designed to drive more efficient trade operations at banks and for their clients,” states CEB TowerGroup research director Steve Murphy. “Features of note, include its clean and sophisticated layout of information to manage pending workload and ensure completeness and correctness of transactions. Native support for integrated supply chain finance and SWIFT TSU was a notable differentiator.”
The Misys Trade Services solutions also scored well across the two remaining categories, reflecting a breadth of functionality.
“In a commoditised market banks are modernising trade finance systems to drive competitive advantage and gain greater workflow control to reduce processing cost and labour requirements”, adds David Hennah, Head of Trade and Supply Chain Finance, Misys.. “This endorsement demonstrates how our focus on addressing the global needs of corporate customers, their financial supply chain requirements and demand for greater self service, is what sets Misys apart.”
A key finding of the report highlights that leading trade finance banks are investing in technology and undergoing strategic organisational changes with 49% of banks surveyed seeking to replace outdated trade finance systems. Looking forward, banks are experimenting with the convergence of traditional trade and supply chain finance to offer innovative and cost-effective trade solutions for corporate clients.