July 16, 2024

Genesis Global introduces a platform for automated credit processing.

April 11, 2024
2Min Reads

Genesis Global introduced a novel approach to mechanize bank procedures aimed at mitigating credit risk in lending and financing enterprises.

Lenders can create and manage international credit insurance and risk participation agreement portfolios with the aid of the Genesis Credit Insurance Application (CIA). A variety of commercial, investment, and transaction banking operations are covered by it, such as bank guarantees, term loans, trade finance, project finance, letters of credit, and commercial lines.

With CIA, a number of manual procedures that were previously handled on spreadsheets are replaced with an integrated system that gathers data from insurance portfolios worldwide and streamlines risk distribution workflow. It helps banks to minimize operational and financial risk while modernizing their approach to lowering credit exposure. Credit insurance and other risk distribution channels have an impact on how banks determine their risk-weighted assets and satisfy capital regulations.


Will Brown, a sales engineer at Genesis Global, stated, "Distributing credit risk involves a complex, data-intensive process that demands a technology solution to help the lender operate efficiently in building and monitoring insurance and MRPA portfolios." "Our application helps banks scale their commercial and investment banking businesses while lowering operational risk and cost by replacing an ecosystem of spreadsheet processes with an integrated solution."

The system connection, workflow, analytics, monitoring tools, and rich user interfaces found in CIA are offered by the Genesis Application Platform. Some of the solution's primary features include:


* Dashboard and alerts to manage premium schedules, policy events, exposure tracking, and counterparty limits 
* End-to-end workflow covering insurance RFQs, pricing, approvals, policy binding, and claims 
* Integrations with industry-leading loan booking platforms (e.g., LoanIQ, ACBS, Murex) and lenders' internal systems for counterparty risk limits and reference data * Risk distribution portfolio monitoring and analytics 
* Customizable reporting and user configurations

Tej Sidhu, Chief Technology Officer at Genesis Global, stated, "One important way we help financial firms transform their technology and operations is by developing scalable, auditable applications to replace spreadsheets in critical business processes." "CIA demonstrates how the Genesis platform's business and technical components work together to provide the integrations, customized workflow, analytics, visualization, and controls that promote efficiency and performance."

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