Barclays teams up with CGI to introduce new trade finance platform

By Megha Bhattacharya

Barclays Corporate Banking recently announced that it has teamed up with CGI for implementing the CGI Trade360 platform in a bid to offer an end-to-end global trade finance solution for Barclays clients in the UK and around the world.

James Binns, Global Head of Trade & Working Capital at Barclays, said, “We are delighted to announce our move to the CGI Trade360 platform and to have started the implementation process. We have a longstanding partnership with CGI, and the CGI Trade360 platform will mean we can continue delivering the best possible trade solutions and service to our clients for many years to come.”

According to Barclays, the CGI Trade360 platform will provide clients with connectivity and visibility into their supply chains, enable them to optimise working capital efficiency, funding and risk mitigation.

Recently, Barclays Business Banking announced a partnership with specialist asset finance provider, Propel in a bid to offer equipment and vehicle finance via an online platform to one million of their small and medium-sized (SME) customers. The Bank’s network of relationship managers will connect directly to Propel’s online portal, Propeller, thus allowing businesses to make equipment purchases up to £2 million.

Neil Sadler, Senior Vice President, UK Financial Services, at CGI, said, “Having worked closely with Barclays for the last 30 years, we knew we were in an excellent position to enhance their systems. Not only do we have a history with them and understand how they work, but part of the CGI Trade360 solution includes a proof of concept phase, which is essentially seven weeks of meetings and workshops with employees across the globe to guarantee the product’s efficiency and answer all queries. We’re delighted that Barclays chose to continue working with us and look forward to supporting them over the coming years.”