MCB implements MITECH’s TRAC collateral management system on a cloud
By Pavithra R
Mauritius Commercial Bank (MCB), the longest-standing and leading banking institution in Mauritius has announced adopting MITECH’s system TRAC (Trade Risk Active Control) to support continuous and significant growth in its Commodity Trade Finance (CTF) business.
TRAC, launched in 2010 is a Trade Risk and Collateral Management system supporting Structured Trade Commodity Finance. The purpose of the software is to replace the Excel spreadsheet widely used in the Trade Commodity Finance sector to monitor Credit Facilities. The solution not only handles Transactional Commodity Finance but Borrowing Base structures as well. The product has already been adopted by prestigious Banks including NATIXIS, UBS, OCBC, and MUFG among others.
“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. MITECH is proud to welcome yet another prestigious reference in its community of users,” said Michael Cohen Dumani, MITECH’s CEO.
Under the partnership, TRAC software will be implemented on a Cloud infrastructure, with the aim of going live with the system before the end of the year.
“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,” said Rajeshwar Pertab, Head of Middle-Office, MCB.
Established in 1838, MCB is a subsidiary and the mainstay of MCB Group. With its 182-year history, the bank has evolved to an integrated bank and financial services institution, which offers tailored and innovative solutions to a diversified client base, ranging from retail to corporate and institutions. MCB has also established a physical presence in 10 countries overseas.
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