Nordea rolls out web-based trade finance tools
Nordic financial services group Nordea has gone live in Frankfurt and London with a web-based trade finance solution, which it says will help to strengthen its international trade finance business.
The system is an upgrade of Surecomp’s allNETT, which the bank was already using along with Surecomp’s IMEX V7.0 trade finance back-office platform and the SCF-PRO V1.2 supply chain finance system.
The Basel Committee on Banking Supervision’s increased focus on liquidity, and the regulatory requirements that stem from that, have been a factor driving bank adoption of trade finance solutions in recent months.
Nordea is active in corporate merchant banking as well as retail and private banking in eight home Nordic and Baltic markets including Denmark, Finland, Norway, Sweden, Estonia, Latvia, Lithuania and Russia, and plans to roll it out to other markets in the next few months. The international rollout is also set to include its international corporate banking division operates branches in Germany, the UK, Singapore, China and the US.
“We have witnessed first hand the difficulties many banks are having as they continue to serve traditional trade markets while maintaining or improving return on equity performance,” said Joel Koschitzky, chairman at Surecomp. “allNETT, complemented by Surecomp’s suite of trade finance and supply chain finance products, helps banks and their corporate clients to drive efficiency and boost profitability.”
Founded in 2000, Nordea is based in Stockholm, Sweden and employs 33,000 people.