CGI wins global award for its trade finance software
Montreal-based global IT consultancy CGI has won the Leader in Trade Award for Best Trade Finance Software Provider from publication Global Trade Review (GTR).
Presented annually, the GTR Leaders in Trade Awards recognize business excellence across the areas of trade, commodity, supply chain, expert finance, and fintech. This year’s winners included HSBC (best trade finance bank, most innovative bank), Santander (best supply chain finance bank), and Deutsche Bank (best commodity trade finance bank).
CGI beat out Nanjing-based trade services solutions firm China Systems, as well as blockchain firm CryptoBLK, to scoop the best trade finance software award.
"CGI is honored to receive the Leader in Trade Award for Best Trade Finance Software Provider from GTR," Frank Tezzi, vice president of trade & supply chain at CGI, said. "It is a testament to our world-class CGI Trade & Supply Chain Team and CGI Trade360. We also want to congratulate our many CGI client partners who received awards."
The CGI Trade360 platform delivers the software, infrastructure, and support resources banks need to power their global trade business, including supply chain (payables, receivables), cash, and collateral management.
The software as a service (SaaS) offering allows for multi-bank, multi-currency, and multi-time zone processing, along with sophisticated imaging and workflow. CGI posits that efficiency gains and savings of at least 30% can be found by leveraging the platform’s efficient workflows, processing rules, and shared services infrastructure.
CGI believes the Trade360 platform significantly reduces total cost of ownership because banks can modernize and streamline operations without capital costs, since the software, infrastructure, and support are provided as a packaged service by CGI. And since the consultancy handles the platform operation, development, and maintenance, banks can focus on their core competencies.
Numerous banks have implemented CGI's trade software, which has 24/7 availability and is run through a secure private/community cloud. Australia and New Zealand Bank reported a 50% improvement in operational efficiency, along with a 30% increase in transaction throughput (with the same staff numbers). The Bank of Montreal, meanwhile, was able to realize a 60% reduction in operating staff, as well as a 50% increase in client servicing.
HSBC, which came away with two GTR awards this year, recently tapped CGI to implement the Trade360 platform across its global trade and receivables business.
