Crédit Agricole CIB innovates in its Trade Finance business with Komgo Trakk

Crédit Agricole CIB is proud to announce the progressive rollout of the Komgo Trakk solution to its Trade Finance activity of paper guarantees’ issuance. This digital solution has been implemented to increase the security and comfort of the bank guarantees’ beneficiaries.

Komgo Trakk is an innovative and seamless digital solution to protect documents against fraud and falsification. By protecting the digital copy of the issued paper guarantee, the beneficiary will be able to verify instantaneously on the bank’s institutional website the origin of the secured document received and will get the confirmation that it has not been tampered with. This gives a very important comfort to the beneficiary of the bank guarantee when receiving the original paper document (given that the latter usually does not have a direct link with the issuing bank).

This is the first time a bank implements Komgo Trakk to secure guarantee instruments. This initiative is part of a wide ranging digital transformation programme which is at the centre of the Crédit Agricole Group’s strategic project, whose ambition is to deliver the most advanced services to its clients. 

Crédit Agricole CIB has a recognized capacity to manage large and secured Trade Finance transactions and strives to combine traditional business with digitalization. Last May, the Bank was recognised “Best Trade Finance Bank in Western Europe” for the second consecutive year by Global Trade Review (GTR).

As a founding shareholder, Crédit Agricole Group is fully invested in Komgo and has made it part of its medium-term strategic plan. Based in Geneva with a presence in the Americas and Asia, the Komgo network provides clients with several modules to improve efficiency and security of Trade Finance transactions. Late 2022, Komgo acquired the Canadian Global Trade Corporation (GTC), a pioneer in multi-bank commodities and trade finance solutions for corporates. Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 multinational clients and their 11,000+ subsidiaries, connecting them to their financial institutions and trade service providers on a global basis. 

“The expertise and experience of our Trade Finance teams in contact with our clients, led to the introduction of this innovative practice. The solution is simple and robust, with a single drag and drop of the secured digital document on our website, without any login or password.”

Isabelle Quiot, Global Head of Back Office Documentary & Guarantee Operations, Crédit Agricole CIB

“Crédit Agricole CIB is proud to be the very first bank to introduce Komgo Trakk to protect its Guarantee operations. We expect this simple security solution to be widely adopted and even become the new industry standard.”

Javier Sanchez-Asiain, Global Head of Global Trade Finance, Crédit Agricole CIB
  

“This innovation applied to our Guarantee business exemplifies that Trade Finance is evolving into a digital framework and we are delighted to lead this transition for our clients.”

Pierre-José Le Prado, Head of Origination Corporate France, Crédit Agricole CIB