CorrTec, LLC is an international computer software company providing specialized banking (Trade Risk and Income Management, Export Bills Payment Collection, Reimbursement of Claims under a Letter of Credit, and Nostro Reconciliation) solutions for major international banks.
Since its inception in 1999, CorrTec has used its best practices and highly experienced resources in for the analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions to the international banks. Headquartered in New Jersey, USA, CorrTec has its presence in different regions.
Our experience, product development expertise, technical skills pool, and proven methodology has enabled us to provide our clients with high quality, reliable and cost effective product development services including:
- Project Management
- Product Prototyping
- Product Design & Development
- Product Testing and Quality Assurance
- Product Maintenance/Enhancements & Support
- Product Reengineering
We have successfully implemented the following product solutions for our well reputed client banks:
Trade Risk and Income Management system:
This application enables the bank to monitor and manage its risk being taken on the counter party / Financial Institutions and Countries, and to maximize their profitability and minimize their by mitigating / selling the risk in the secondary market.
This system has been implemented at ABN AMRO Bank N.V. / The Royal Bank of Scotland, Plc, NatWest Bank, Rabobank International, and currently being implemented at Scotiabank.
Export Bills Payment Collection System:
This application enables the bank to offer their services to other financial institutes for the collection of export bills proceeds. With this application the customer banks can lodge their Claims under an LC online and collect the proceeds in shorter time frame.
This system has been implemented at ABN AMRO Bank N.V.
Payment of Claims under a LC System:
This application permits the bank to honor and pay the Export Bills Reimbursement claims to a third bank who negotiated the export bills under the letter of credit (LC) of the customer bank, by ensuring that claims are within the validity and balance amount of LC.
This system was developed for ABN AMRO N.V.
Nostro Reconciliation System:
The Nostro Reconciliation application helps the bank to efficiently and effectively reconcile their Nostro accounts activity.
This system was implemented at the Royal Bank of Canada.
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 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 Treasury Risk Management as well as Trade Finance automation.