MCB to Adopt MITECH’s TRAC Collateral Management System on a Cloud
- Trading Systems , Management , Banking
- 08.06.2021 10:15 am
The Mauritius Commercial Bank Ltd (MCB) is adopting MITECH’s system TRAC (Trade Risk Active Control) to support a continuous and significant growth in its Commodity Trade Finance (CTF) business. TRAC is a Trade Risk and Collateral Management system supporting Structured Trade Commodity Finance. The TRAC solution handles not only Transactional Commodity Finance but Borrowing Base structures as well.
The TRAC software will be implemented on a Cloud infrastructure, with the aim of going-live with the system before the end of the year.
Michael Cohen Dumani, MITECH’s CEO commented that “this contract is a major milestone for MITECH as we are expanding our geographical footprint to support Africa’s intense Trade Finance growth as well as implementing TRAC seamlessly on a Cloud setup” adding that “MITECH is proud to welcome yet another prestigious reference in its community of users”.
Rajeshwar Pertab, Head of Middle-Office, MCB stated: “We are delighted to be partnering with MITECH and further bolster risk and collateral management within our Commodity Trade Finance business. MITECH’s expertise and TRAC’s extensive functionalities convinced us to adopt the solution and streamline information flow between our customers, front-office and middle-office teams”.