Calyon, the corporate and investment banking arm of Credit Agricole Group, has gone live with purchase order and invoice software from Misys called Trade Portal. The bank plans to offer new trade payables and receivables financing mechanisms through the portal.
Calyon says it sought out this software because it needed a way to offer offer new financial supply chain services such as early payment. Using Misys Trade Portal, Calyon can give customers such as food retailer Casino Group, an online portal they can extend to their suppliers that includes such services.
Misys Trade Portal is said to offer purchase order initiation, invoice presentation and automated submission of a payment on one platform. These services are provided alongside traditional trade finance instruments such as Letters of Credit, Documentary Collections and Guarantees on the platform.
"Improving services with a competitive offering is vital to our business," said Francois Cron, head of trade finance e-Banking at Calyon, in a statement. "Working with Misys has enabled us to continue to innovate for our customers and quickly respond to changing market conditions."
The rollout of the portal took less than twelve months from proof of concept and testing to implementation and one customer is already using it, Cron said.