Canada's Scotiabank Chooses CGI's Cloud

Toronto-based Scotiabank has signed a seven-year agreement with CGI Group for a global rollout of cloud-based, software as a service (SaaS) solution, called CGI Trade360.

According to today’s release, Trade360 will replace multiple legacy trade and supply chain applications at Scotiabank with a single, integrated platform to enhance service to clients, reduce costs, and provide greater visibility and transparency into its North America, Latin America, Caribbean and Asia operations.

“We are taking steps towards a common global trade finance platform that will enhance our ability to deliver a superior, consolidated range of trade finance and supply chain products to our clients,” comments Alberta G. Cefis, EVP & Head of Global Transaction Banking at Scotiabank, in the release. Leveraging its international presence, the agreement with CGI will allow it to streamline trade finance operations globally and strengthen its position globally, according to Cefis’ comments in the release.

Paul LeBlanc, Scotiabank’s SVP, Trade Services & Financial Institutions, added, “We needed a global solution that not only keeps pace with the rapid changes in technology, but also allows us to easily adapt as the market and our clients’ needs continue to evolve.”

CGI has a 20-year plus working relationship with Scotiabank. “Moving its legacy system to a managed service application delivered in the cloud will help accelerate expansion of Scotiabank’s global trade business, while ensuring a secure and reliable platform,” stated Doug McCuaig, President, Canada, CGI, in the release.

According to Steve Starace, VP, U.S., CGI, CGI is in strong position to help the bank meet its trade services processing needs. “Trade360 delivers a single, global solution that can be configured and customized locally, giving Scotiabank a sustainable competitive advantage in the market.”

In addition to trade-finance, CGI banking-focused solutions include core banking, wealth management, business-intelligence/data warehousing and customer relationship management. The company says it provides IT, business process and managed services to financial institutions around the world, including 23 of the top 25 banks in the Americas and 16 of the top 25 European banks.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio