Sherry Mama, As supervisor of the LC department at MetroBank, my colleagues and I had the opportunity to evaluate PSI’s Synergy Trade Finance web-based application to replace our legacy module. The Synergy back office application contained all the products required by our operations, was easy and intuitive to use, included the capabilities to interface with and provide data for General Ledger, Loans, Accounts, and OFAC, performed customer and/or bank risk updates as expected, and included a dynamic, “drag and drop”, on-demand reporting feature that offered our staff the ability to produce custom reports.
Synergy also included a front end application so that our customers could issue their own Import, Standby or Guarantee requests automatically to the bank or be advised of Export LCs issued in their favor.
The Synergy web-based design for both front and back-end applications allowed it to be easily used from multiple branches in multiple locations anywhere in the world.
One other differentiating factor was PSI’s willingness to host a test version of Synergy at one of its Service Bureaus allowing us to evaluate it at our leisure. This somewhat unique presales model included training plus operations services to run eod-of-day and start-of-day processing.
Finally, PSI services and support was knowledgeable, courteous and always available.
Daniel Klatt, Synergy at Commerzbank foreign branches has successfully absorbed the customers, business and volumes from the former Dresdner foreign branches. Commerzbank achieved this on-time, with very little performance issues resulting in continued client satisfaction. Since 2005, Synergy continues to successfully and efficiently process significant and critical functions in our foreign branches.
William Padula, Franklin-Madison, LLC Managing Director, During my tenure as COO of a major international bank, I had the pleasure of working with Pinnacle Solutions (PSI). I was part of the selection process that chose PSI over other vendors to install its Synergy web applications in all our branches in the Americas. The project was a great success, from project start through production implementation. The software ran smoothly from the start, satisfying our users from North and South America. Selecting PSI would be a decision I would make again.
Commerzbank uses Synergy in most of their foreign branch operations globally. Initially installed in 2005, Synergy is used to manage DDA and Nostro accounts, bookings and statements; outbound SWIFT payments, statements, confirmations and messages; inbound SWIFT payments and messages; fixed-term and call loans and deposits; customer output in local language and mail format; customers and limit overrides; and settlement and accounting. Integrated with numerous peripheral applications, SWIFT and General Ledger, Synergy is processing millions of transactions per month and forms an integral part of their foreign branch IT landscape.
Commerzbank uses Synergy’s Trade Finance customer front-end within their corporate portal globally, to capture and manage corporate customer letters of credit, guarantees and collections business. Commerzbank has licensed Synergy’s Trade Finance back office to manage their letters of credit, open accounts, guarantees, collections, financing and risk syndication business.
In 2010, Commerzbank agreed to license two new modules, Foreign Exchange and Limits, for development and implementation. Foreign Exchange will manage spot, forward, swap, OTC, NDF and time options; Limits will manage overall customer position and risk, via fee-based facilities, with real-time risk checking.
Rabobank uses Synergy in their operations in North America since 2007. Synergy captures and manages their customers, accounts and bookings, generating SWIFT statements output and processing thousands of transactions each month. Synergy is an integral part of Rabobank’s core banking solution in the Americas.