A Royal Bank of Scotland unit must stop using trade finance software the bank claims is critical to its business after a judge ruled the rights to it were sold seven years ago.
Bloomberg News reports that U.S. District Judge Katherine Forrest in New York last week ordered the RBS unit, ABN Amro Bank NV, which isn’t affiliated with the Dutch bank of the same name, to stop using the BankTrade platform owned by Complex Systems within a year. ABN Amro can’t use it to process any new trade finance transactions after 60 days, she said.
The Complex Systems software allows financial institutions to process and facilitate transactions, including letters of credit, loans, guarantees and fund transfers, according to the initial complaint filed in 2008.
Complex Systems said it licensed the use of BankTrade to ABN Amro Information Technology Services Co. in October 1997, allowing the lender to use it because of its corporate affiliation with the license-holder.
To access the complete Bloomberg article hit the link below: