back Back

Tradeteq Connect is now a new trade risk distribution channel for Commerzbank, AKA and Texel

By Joy Dumasia

November 01, 2021

  • AKA
  • Assets
  • Commerzbank
Share

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. 

Previous Article

November 01, 2021

Mastercard and Partners advance the future of Sustainable Commerce

Read More
Next Article

November 01, 2021

Paysafe completes acquisition of viafintech

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

AKA

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

5 Cybersecurity firms helping businesses fight digital crime in India

Read More

January 15, 2024

Synpulse appoints Marouane Bakhtar as Head of UK

Read More

January 10, 2024

Keepit secures $40m in refinancing from HSBC Innovation Banking

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023