Persia International Bank implements new trade finance software
London-based Persia International Bank is replacing its legacy trade finance system, supplied by Surecomp. The new system is Eximbills, provided by Surecomp’s rival, China Systems.
Surecomp’s product, IBSNet, has been running at the bank’s London and Dubai locations for over 15 years.
It is integrated with the bank’s long-standing core banking platform, Misys’ Bankmaster. It is not known at present whether the bank is looking for a replacement, but Banking Technology expects that this will happen in the next couple of years, as Bankmaster is an outdated system, sunsetted by the vendor a while back.
Misys also has a trade finance system, FusionBanking Trade Innovation, which is a major competitor of Surecomp’s and China Systems’ offerings. However, it would seem that it was not of interest to Persia International Bank.
Persia International Bank is co-owned by two Iranian financial services groups, Bank Mellat and Bank Tejarat.