Bladex selects CGI as partner for trade finance business evolution, enabled by the CGI Trade360® global technology platform

Rhea-AI Summary

CGI (TSX: GIB.A) (NYSE: GIB) and Bladex (NYSE: BLX) have announced an agreement to implement the CGI Trade360® trade technology platform. Bladex will be the first Latin American-headquartered bank to adopt this award-winning SaaS platform, which supports trade finance in over 85 countries. The implementation aims to:

1. Improve Bladex's regional and global trade business
2. Optimize letter of credit processing
3. Enhance working capital solutions
4. Increase security and operational transparency

CGI Trade360® supports more than 50 products in traditional trade, payables, receivables, and cash management. This partnership aligns with Bladex's strategy to become a benchmark bank in trade finance solutions in Latin America, offering an improved digital experience for clients, suppliers, and trade operations teams.

Positive

• Bladex becomes the first Latin American-headquartered bank to implement CGI Trade360®
• Implementation expected to improve Bladex's regional and global trade business
• CGI Trade360® supports over 50 products in various financial areas
• Partnership aligns with Bladex's strategy to become a benchmark bank in trade finance solutions in Latin America

Negative

• None.

Financial Analyst

The partnership between CGI and Bladex to implement the CGI Trade360® platform signals a strategic move for both companies. For Bladex, adopting this globally recognized SaaS platform could significantly enhance its trade finance operations, positioning it as a more competitive player in the Latin American market. This move aligns with Bladex's goal to leverage technology for improved service delivery, which could attract more corporate clients seeking advanced trade finance solutions.

From a financial perspective, such technological advancements are likely to improve operational efficiency and reduce costs associated with manual processes. This can lead to better profit margins. Additionally, the enhanced security and transparency offered by the platform could mitigate risks related to trade finance, which is important for a bank operating in an emerging market.

For CGI, this partnership extends its footprint in Latin America, potentially opening up more opportunities in the region. The successful implementation of Trade360® at Bladex could serve as a case study to attract other Latin American banks, boosting CGI's revenue from SaaS solutions. This partnership also highlights CGI’s ability to deliver complex solutions across different geographies, enhancing its reputation and market position.

Market Research Analyst

The adoption of CGI Trade360® by Bladex is a significant development in the trade finance sector, particularly in Latin America. This region has been slower to adopt advanced trade finance technologies compared to markets in Asia and Europe. By implementing this platform, Bladex is setting a precedent and potentially influencing other regional banks to follow suit.

Specifically, the integration of a unified, global platform that supports a wide range of trade finance products can improve the ease of doing business and facilitate smoother international trade transactions. This could spur greater economic activity in the region, benefiting not only banks but also businesses involved in import and export activities.

The strategic partnership could also signal a shift towards more digital and transparent financial operations in Latin America, aligning with global trends. Investors should keep an eye on how this move influences customer acquisition and retention for Bladex, as successful implementation and positive client feedback could drive market growth and potentially increase the bank's market share.

Tech Expert

The introduction of CGI Trade360® at Bladex marks a significant technological upgrade. The SaaS platform is known for its comprehensive capabilities in managing trade finance operations, from traditional trade to cash management. The integration promises to streamline processes and provide real-time data access, which is important for informed decision-making.

Given that Trade360® supports over 50 products, Bladex’s clients will likely benefit from a more diversified and robust suite of services. The platform's scalability also means Bladex can grow its operations without substantial additional investments in infrastructure. This could result in better resource allocation and focus on core business areas.

Furthermore, enhanced security features are particularly valuable in the trade finance sector, where transactions are often complex and involve multiple stakeholders. The platform’s ability to provide operational transparency and security can enhance client trust and reduce the risk of fraud or errors.

Overall, this technological advancement can be a significant competitive advantage for Bladex, aligning with global banking standards and showcasing its commitment to innovation and customer service.

PANAMA CITY, July 18, 2024 /PRNewswire/ -- Bladex - Banco Latinoamericano de Comercio Exterior (NYSE: BLX) and CGI (TSX: GIB.A) (NYSE: GIB), one of the world's largest independent business and IT consulting firms, announced an agreement for the implementation of the CGI Trade360 trade technology platform.

Bladex will become the first bank headquartered in Latin America to implement the CGI Trade360 platform, an award-winning software-as-a-service (SaaS) platform utilized by global banks to support trade finance in over 85 countries across Asia, Europe, North America, and Oceanias.

Jorge Salas, Chief Executive Officer of Bladex, emphasized that "At Bladex, we are committed to staying at the technological forefront to continue being a reference in the region.

"We appreciate the partnership with CGI and the future implementation of this powerful technology platform that will allow us to accelerate the deployment of digital solutions which constitutes an important milestone in our continuous service improvement strategy. In this way, we advance in our strategy as a benchmark bank in trade finance solutions in Latin America."

The implementation of CGI Trade360 at Bladex, delivered by CGI's U.S. and global delivery teams, will provide the infrastructure and support needed to improve the bank's regional and global trade business, optimize letter of credit processing, and significantly enhance working capital solutions as well as security and operational transparency. This will enable Bladex's corporate clients to manage their financial needs swiftly and accurately on a unified, integrated, and global platform.

"We look forward to our new partnership with Bladex, a bank with over 40 years of recognized experience in the region's trade finance," said Frank Tezzi, Vice-President, Consulting Services, Trade and Supply Chain Solutions at CGI. "With the implementation of CGI Trade360, Bladex joins the ranks of leading global banks leveraging our technology. Together, we are advancing Bladex's growth strategy and delivering the capabilities required to achieve its business objectives."

Mauricio Quintana, Senior Vice President of Trade Services Products at Bladex, added, "We continue to innovate in our commitment to offer an excellent user experience through a world-class platform that is easily accessible, integrates essential information in real-time, combined with the latest trade finance solutions."

CGI Trade360 supports more than 50 products in the areas of traditional trade, payables, receivables, cash management, and others. It delivers a powerful digital experience for bank clients, suppliers, and trade operations teams, while giving banks the ability to scale their trade business, both globally and regionally, with consistency and confidence. Learn more at cgi.com/cgitrade360.

About Bladex.

Bladex is one of the banking industry's references in foreign trade in Latin America and the Caribbean. Headquartered in Panama, Bladex is a multinational bank with a presence in several countries in Latin America and the Caribbean. Founded in 1979 to promote foreign trade financing and economic integration in the region, Bladex has been listed on the New York Stock Exchange for over three decades and the Mexican Stock Exchange for over 10 years. This presence has allowed Bladex to attract shareholders from central banks and state entities in 23 Latin American countries, as well as commercial banks, financial institutions, institutional investors, and individuals.

Bladex also has representative offices in Mexico, Argentina, Brazil, Colombia, and the United States of America, as well as a representative license in Peru, to support regional development and meet the needs of its diverse client base, which includes financial institutions and corporations.

About CGI

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 90,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2023 reported revenue is (CA)$14.30 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB).

For further information, please contact:

Bladex:
Mauricio Quintana - Senior Vice President of Trade Services Products
E-mail address: mquintana@bladex.com     
Head Office Address:  Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este, Panama, Republic of Panama 
www.bladex.com

CGI:
Steve Bosic
stephen.bosic@cgi.com
www.cgi.com

 

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the purpose of Bladex implementing CGI Trade360®?

Bladex is implementing CGI Trade360® to improve its regional and global trade business, optimize letter of credit processing, enhance working capital solutions, and increase security and operational transparency.

How many countries does CGI Trade360® support trade finance in?

CGI Trade360® supports trade finance in over 85 countries across Asia, Europe, North America, and Oceania.

What is the stock symbol for CGI on the NYSE?

CGI's stock symbol on the NYSE is GIB.

How many products does CGI Trade360® support?

CGI Trade360® supports more than 50 products in areas such as traditional trade, payables, receivables, and cash management.