Bladex Selects CGI as Partner for Trade Finance Business Evolution, Enabled by the CGI Trade360® Global Technology Platform

Rhea-AI Summary

Bladex (NYSE: BLX) and CGI (TSX: GIB.A) (NYSE: GIB) have announced a partnership 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, security, and operational transparency

This partnership aligns with Bladex's strategy to remain a technological leader in trade finance solutions for Latin America. The CGI Trade360 platform supports over 50 products in traditional trade, payables, receivables, and cash management, offering a digital experience for bank clients, suppliers, and trade operations teams.

Positive

• Bladex becomes the first Latin American bank to implement CGI Trade360, potentially gaining a competitive advantage
• Implementation aims to improve regional and global trade business operations
• Expected enhancement in working capital solutions, security, and operational transparency
• Potential for accelerated deployment of digital solutions, aligning with Bladex's service improvement strategy

Negative

• None.

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 (BLX) implementing the CGI Trade360 platform?

Bladex (BLX) is implementing CGI Trade360 to improve its regional and global trade business, optimize letter of credit processing, and enhance working capital solutions, security, and operational transparency. This move aligns with Bladex's strategy to remain a technological leader in trade finance solutions for Latin America.

How many countries does the CGI Trade360 platform support for trade finance?

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

What products does CGI Trade360 support for Bladex (BLX)?

CGI Trade360 supports more than 50 products for Bladex (BLX) in areas including traditional trade, payables, receivables, cash management, and others. It provides a digital experience for bank clients, suppliers, and trade operations teams.

When was the partnership between Bladex (BLX) and CGI announced?

The partnership between Bladex (BLX) and CGI for implementing the CGI Trade360 platform was announced on July 18, 2024.