Company Background
Our product development was driven by client banks who were unable to obtain suitable technological solutions for correspondent banking from the existing suppliers in the marketplace. Correspondent banking solutions are typically viewed as complimentary products by suppliers, and developed as add-ons to their main product offerings, such as Trade Finance or Treasury Operations. For years most banks which view correspondent banking as a key product line have developed software solutions internally, but as a result of the rapid pace of market changes and the increase in the cost of technical resources, today they rely on third parties for their software solutions. Due to this dependency on third party suppliers, most banks look to forge closer relationships or partnerships with suppliers, that assures continuous support and responsiveness to the market requirements. The banks also view the expertise and focus of the supplier as an important factor in their selection, since they completely rely on the provider to stay competitive and to service their customers. The shift away from in-house development, lack of focus by existing suppliers, and the banks' desire to forge close partnerships with their suppliers, presented an ideal market opportunity to establish CorrTec as the global leader for correspondent banking solutions.Product Development Strategy
Our short to medium term product strategy consists of two major initiatives:
1. Constant improvement of our existing products through market research and user feedback.
2. Aggressively seek new product ideas and development opportunities within the correspondent banking technology sector.
For our long term product strategy we will also explore opportunities within the international banking technology sector as a whole, in order to identify opportunities for expansion outside of the correspondent banking sector. Some of the product ideas currently under research include Corporate Risk Management as well as Trade Finance automation.
