A new solution to automate bank processes for offsetting credit risk in lending and financing businesses has been launched by Genesis Global.

The firm's Credit Insurance Application (CIA) sets out to help lenders build and manage global portfolios of credit insurance and risk participation agreements.

L/C and guarantee applicability

The solution claims to be applicable to a range of commercial, investment and transaction banking activities, including letters of credit (L/Cs) and bank guarantees, commercial lines, term loans, trade finance and project finance.

The CIA aims to replace several manual processes typically managed on spreadsheets with an integrated solution that consolidates global insurance portfolio data and facilitates efficient workflow for distributing risk.

It is designed to enable banks to modernise how they reduce credit exposure while mitigating operational and financial risk in the process.

Core functionality

According to Genesis Global, core functionality in the solution includes end-to-end workflow covering requests for insurance quotations, pricing, approvals, policy binding and claims.

The company says it also integrates with existing loan booking platforms and lenders' internal systems for counterparty risk limits and reference data.

Genesis Global says it is strategically backed by Bank of America, BNY Mellon and Citi and has offices in London, New York, Miami, London, São Paulo, Dublin and Bengaluru.

Details of Genesis Global's CIA can be found here.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.