Credoc, Trac Micro Informatique & Technologies SA
Company background and system origin
Micro Informatique & Technologies SA (MIT) has a trade finance system, Credoc. The supplier was founded in 1984 by three brothers who jointly computerised the operations of their international commodity trading company in the early 1970s. This was at a time when most bankers were handling all documentary credit operations manually. By teaming up with other professionals in the IT and banking fields, the development began of what was to eventually become Credoc. The first version of Credoc operated on Data General hardware. However, the next step in its development was to have a multi-bank, multi-branch solution that was no longer dependent on a single hardware provider. In the mid-1990s, Credoc 2000, a client-server system operating on a Unix platform at the server level, and using the Oracle database, was launched. It is operating today across about 45 sites. The next step was to offer a GUI interface which resulted in Credoc Windows, a client-server solution operating on a Windows NT platform for the application server, again with Oracle. To complete the product suite, MIT had two optional modules, Credoc Client Internet (an internet front-end connecting banks with their customers), and Credoc Query (a tool to enable the end users to create and customise their own statistics and reports). A new browser-based back-end version of Credoc 2000 was launched in 2003, and the software was named Credoc Web. This was taken for a first customer site in Italy. MIT claimed that it would be operated in numerous branches for hundreds of users, which is the case today. The company released no further user names of signings for Credoc during 2004 and 2005. 2004 did, however, see MIT enter
into agreements with two partners. The first was Adfor of Italy. Adfor signed to help MIT to ‘consolidate its presence in the Italian market’. Adfor, in turn, hoped to use this arrangement as an opportunity to increase its portfolio of banking software solutions. The second tie-up was with Isys Banking Software, another Swiss banking software supplier, under which it was stated that Credoc would be used to extend Isys’ commercial banking offering so that Isys could propose a complete trade finance solution.
