compiled below provides the one known Islamic banking user compiled from our own archive and sources. By 2009, the company operated out of new headquarters in New Jersey, with fully fledged offices in Chile, Colombia, Spain, Malaysia and Thailand with an additional sales office in Dubai. Its claimed client number gradually increased to around 60, with each satellite office except Dubai engaged in sales and marketing as well as product development. An area of focus then included converting its web-based products to J2EE, while engaging in new product development and functionality enhancements. A web-based reporting engine, TradeStats, and a new integration technology have been additions to the product portfolio. All new development is carried out under the umbrella of Global Trade Asset Management (GTAM) and fits with this vision. CSI was one of the earliest vendors to be accredited by Swift for Release One of the Trade Services Utility (TSU) in 2007. It also received its label for Release Two in 2009. In addition, CSI was one of five vendors on the TSU programme to be certified by Swift as BPO-ready by 2011. Standing for Bank Payment Obligation, the BPO is an ISO 20022-based electronic messaging tool that sits as an optional part of the TSU. It is intended to bridge the gap between the costly but safe letter of credit and cheaper but less secure open account trading. In 2009, the Middle East was named by CSI as the area with the most potential for growth and new clients. Nonetheless, perhaps its most significant win came at Sberbank, the huge, state-owned Russian bank, which signed for version 12.1 of Banktrade in July. Temenos, Misys, Smartstream, and China Systems were also considered. CSI conveyed hopes that Sberbank would take other products, such as the front-end, and possibly extend the project to cover countries other than Russia. However, by 2012, there were rumours that the implementation here was not progressing to plan. Banktrade was not yet live and its future looked uncertain due, it seemed, to the system’s incompatibility with the local market and regulatory specifics, and the scope of work required to adapt it to meet these requirements. Nonetheless, good news came from BBVA, which was putting in a Latin American hub following its unsuccessful attempt to roll out an
in-house solution. CSI beat off competition from its usual set of rivals, including Surecomp and China Systems. A win in 2010 at Caixa Geral de Depositos in Portugal also saw CSI defeat China Systems, Misys and Surecomp. Coming the other way in the second half of 2010 was ABN Amro, which opted to replace an old trade finance system from CSI with the Allnet front-end solution from Surecomp and CBA’s IBAS back-end. It then emerged in 2012 that relations with this bank (now RBS) had also deteriorated as CSI had become embroiled in litigation with RBS over software licensing rights. The dispute stemmed from the sale of the IT services unit which held the licence of Banktrade at ABN Amro to Bank of America. It was alleged that RBS subsequently failed to attain the correct licence from the vendor after acquiring ABN Amro, whilst continuing to use the system over several years. This came to a head in May 2014, as the New York district judge presiding over the case ruled that RBS had contravened the terms of the licence agreement, and subsequently ordered the bank to desist using the system within a year, pending an appeal. In addition to selling directly and via local partners, CSI also has a tie-up with Fiserv and its Signature core banking platform. However, no known deals have transpired to date. CSI’s system has a toolkit make-up that gives a considerable amount of flexibility but this has a down-side and can lead to long and difficult projects. The latest version at this time, Release 14, apparently took two years of development and saw the removal of the last Cobol code and the stripping out of a proprietary transaction processing monitor, plus embedded workflow and imaging engines. Three banks were apparently piloting different parts of the release by mid- 2011. The latest version of the front-end, now dubbed Clienttrade, Release 6, is positioned as a customer portal. Santander, which has Banktrade on a centralised basis to support a number of European operations, was apparently live with this by July 2011, so too National Commercial Bank. For the future, CSI said it would continue to focus on Banktrade, Clienttrade, supply chain and financial execution, workflow, document generation and collaboration software under the GTAM umbrella.
Islamic banking functionality supported
LC module. Types of documentary credit: Wakalah, Murabaha, Musharakah. Shipping guarantee against documentary credit and collection bills. Bank guarantee. Muamalat guarantees: tender, performance, financial. Collection module, loan module: Interest Free Foreign Bill Exchange Purchase (IFBEP), Muamalah Working Capital Financing (MWCF), Islamic Acceptance Bills (Islamic BA).
98 Islamic Report
www.ibsintelligence.com
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