Canara Bank Chooses Triple Point to Manage New Precious Metals
Business
India's largest nationalized bank selects Commodity XL for Precious
Metals to support complex business process workflows, rigorous risk
management and regulatory compliance
PUNE, India (Business Wire EON/PRWEB ) July 16, 2008 --
Triple Point Technology®,
the established leader in cross-industry commodity and energy trading,
risk management, scheduling and logistics software solutions, announced
today that Canara Bank, recognized as India’s
leading financial conglomerate with a client base exceeding 31 million,
has chosen Commodity XL for Precious Metals™
to manage its precious metals operation across 2,500 branches.
Canara Bank is India’s largest nationalized
commercial bank in terms of aggregate business volume, totaling
approximately $40 billion USD in deposits. Headquartered in Bangalore,
India, Canara was founded over 100 years ago and has a record of
continuous profit since inception. The bank has over 2,500 branches
across India and an international presence in London, Hong Kong, Moscow,
Shanghai, Doha and Dubai.
New to the precious metals market, Canara required a solution
that enabled rapid entry into the market and effective management of
inventory, reconciliation, risk and regulatory compliance. Commodity XL
for Precious Metals provides Canara with the competitive advantage of
superior stock and inventory management, secure transaction processing
and a real-time view of risk across the enterprise.
“The precious metals market has high price
volatility, stringent regulatory requirements and a complex physical
supply chain; a solution must operate in real-time, integrate trading
and logistics and support a robust risk management and compliance
program,” said Mike Ravo, vice president,
industry solutions, Triple Point. Commodity XL for Precious Metals is
the only software solution that provides seamless integration between
supplier trading and retail bank operations, sophisticated inventory
management from central consignment to point-of-sale, detailed
regulatory reporting and an integrated approach to physicals, forwards
and loans.”
Commodity XL™ is the leading commodity
management solution and meets all the requirements for trading in
today's highly volatile environment: multi-commodity capabilities,
real-time integration of physical and financial positions, comprehensive
risk management and the most advanced architecture. Comprised of a
family of commodity-specific products that can be deployed alone or in
seamless combination with each other, Commodity XL manages every aspect
of global cross-industry supply, trading, marketing and logistics
operations. Commodity XL for Precious Metals is based on ‘METAGRID,’
mature, market-proven technology obtained in Triple Point's acquisition
of CoralGrid.
About Triple Point Technology
Triple Point Technology is the established leader in cross-industry
commodity and energy trading, risk management, scheduling and logistics
software solutions. Triple Point Commodity
XL™ profitably integrates physical and
financial markets from the front-to-back office on a real-time,
next-generation platform for all commodities, including power, oil, gas,
coal, base and precious metals, agricultural products, biofuels and
freight. Triple Point's award-winning commodity and energy trading
software solutions are used by more than 25 percent of both Global
500 commodity trading companies and Global 500 energy companies. Founded
in 1993 and headquartered in Westport, Connecticut, USA, Triple Point
serves clients from nine development and support centers located around
the globe. More information is available at www.tpt.com.
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