Canara Bank Selects Commodity XL For Precious Metals

Triple Point Technology, a provider of cross-industry commodity and energy trading, risk management, scheduling and logistics software solutions, has announced that Canara Bank has chosen Commodity XL for Precious Metals to manage its precious metals operation across 2,500 branches.

Canara Bank is India's largest nationalised commercial bank in terms of aggregate business volume, totalling approximately $40 billion in deposits. New to the precious metals market, Canara Bank required a solution that enabled rapid entry into the market and effective management of inventory, reconciliation, risk and regulatory compliance.

"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 risk management and compliance programme," said Mike Ravo, vice president, Industry Solutions, Triple Point.

"Commodity XL for Precious Metals provides seamless integration between supplier trading and retail bank operations, inventory management from central consignment to point-of-sale, detailed regulatory reporting and an integrated approach to physicals, forwards and loans," he added.

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Commodity XL provides multi-commodity capabilities, real-time integration of physical and financial positions, comprehensive risk management and an advanced architecture. It comprises a family of commodity-specific products that can be deployed alone or in seamless combination with each other. The solution is based on 'METAGRID', a technology obtained in Triple Point's acquisition of CoralGrid.