Tradeteq Connect is now a new trade risk distribution channel for Commerzbank, AKA and Texel
By Joy Dumasia
Tradeteq, the leading technology provider for bank asset distribution, together with Commerzbank AG (Commerzbank), AKA Ausfuhrkredit-Gesellschaft mbH (AKA), and Texel Finance Limited (the Texel Group), has announced that following a successful proof of concept phase, Tradeteq Connect, an expansion of the firm’s existing platform to support distributing bank risk resulting from trade products such as letters of credit (LCs) and guarantees, has been implemented by Commerzbank AG, AKA, and the Texel Group and shall become the new technology standard for trade asset distribution.
By establishing this new technological link between them, Commerzbank, AKA, and the Texel Group form the nucleus of the Tradeteq Connect network of grantor and participant banks and insurance carriers and brokers. Other banks and credit insurers will now be selectively invited to join Tradeteq Connect.
Tradeteq Connect reduces the dependency on manual workflows and error-prone processes, eliminating friction for streamlined distribution. An intuitive dashboard highlights the most important information. Automated notifications make sure institutions are fully in control of opportunities, events, and deadlines.
Tradeteq Connect runs on Microsoft’s Azure cloud, the world’s leading cloud platform. They give institutions the same security, privacy, and compliance protections used by global banks and 95% of Fortune 500 companies. By holding data in their own dedicated ‘Tradeteq Pod’, located in one of 61 regions globally, Tradeteq Connect users can meet even the most demanding data residency, compliance, and resiliency requirements.
Nikolaus Giesbert, Divisional Board Member Institutionals at Commerzbank, said: “In line with our published strategy, we continuously seek to automate and digitise our processes. Our collaboration with Tradeteq will allow us to achieve these goals and thereby to reach a broader, deeper and more differentiated investor base for trade finance risk.”
IBS Intelligence reported that Commerzbank, the German Commercial Bank and its Board of Managing Directors, decided to end the project for outsourcing securities settlement to HSBC Transaction Services GmbH with immediate effect.