Arab Bank (Switzerland) has chosen the web-based version of Credoc trade finance software according to its developers, Micro Informatique & Technologies (MIT).

The software will support the bank's letter of credit (L/C) and other trade finance operations.

Benefits

Credoc provides several functions, including full processing of L/Cs, guarantees, collections, loans, advances and fund transfers.

Head of commercial banking at Arab Bank, Patrick Culliford, reckons the software will "help us to support the ambitious business plan we have set ourselves for developing our trade finance business".

Swiss market

MIT's general manager, Paul Cohen Dumani, appears intent on tapping into Switzerland's position in the trade finance market.

He says he sees a growing trend for Middle Eastern private banks to develop their trade finance activities from Switzerland, which he reckons is "historically one of the most important trade finance platforms in the world".

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