New York City and London – GFT, a leading IT services firm for the global financial services industry, is recognised in the ‘Trade & Treasury’ category of the IDC FinTech Rankings: Real Results for the Trade Finance solution developed for ‘limit management and risk distribution’ at Deutsche Bank. GFT also ranked in position #42 of the 2019 IDC Financial Insights FinTech 100 Rankings.
The strong relationship between GFT and Deutsche Bank saw the implementation of an innovative and ambitious project with high levels of collaboration between GFT and the bank in developing a strategic platform to distribute and manage trade finance credit exposures. Benefits include faster release times, IT cost reduction and the ability for the bank to offer a simpler way for clients to access trade finance.
Luke Moranda, CIO for Trade Finance and Lending at Deutsche Bank commented: “Managing credit limits and exposure in real-time, 24x7 is a key capability for the trade finance business. This project has demonstrated how we are transforming our technical delivery model and achieving successful outcomes for our business. We are delighted to receive this IDC award for Treasury and Trade Transformation in honour of this achievement.”
This programme successfully resulted not only in significant operational efficiency, but has also enabled the bank to reach a digital milestone in trade finance asset distribution.
Daniel Schmand, Global Head of Trade Finance and Lending at Deutsche Bank explained: “When we launched dbDistribute just over a year ago, we knew we were onto something transformational, and it is great to see this ground-breaking approach being acknowledged by the industry. This award is a testament to the hard work and collaborative approach between GFT and Deutsche Bank in transforming our current infrastructure into the leading distribution and de-risking platform for trade finance assets in the industry.“
The delivery team worked in a highly collaborative way, with the business users taking key responsibility for the overall delivery and success of the programme.
Chris Ortiz, Managing Director at GFT commented: “The collaboration amongst the whole team has made the project a truly effective partnership. There is no distinction or barrier between locations, or internal versus external members; exactly how a team should work collaboratively and deliver against a common goal. The success of this project has set a very high bar for trade finance across the market and has defined the ‘gold standard’ for other strategic IT programmes within the bank. We are delighted to be recognised both for the award, and for achieving a high score in the IDC rankings.
The project is great example of GFT’s cutting edge approach for our clients; delivering collaborative teams that drive enhanced customer value, utilising agile delivery methods, new technology and innovation.”