S1 stakes out trade finance role with Level Next acquisition

S1 stakes out trade finance role with Level Next acquisition

S1 Corporation is to acquire trade finance specialist Level Next of Colorado. S1 says it will incorporate Level Next's technology into its own Corporate Suite to deliver an integrated cash and trade finance system to global banks.

Five year old Level Next specialises in the development of customised trade finance applications. The company has extensive experience with interfacing to the industry's trade finance back-end systems, such as Midas-Kapiti, Cibar Incorporated and AMS. It lists State Street, Banc One, FleetBoston Financial, Wells Fargo and Sanwa Bank California among its customers.

S1 says it will leverage Level Next's expertise to embrace global trade finance opportunities over the Internet.

Bryan Shannon, Level Next founder and president will assume the role of director of trade finance development for S1. Level Next's applications, including the Web-based client access system InterTrade Connextion (ITC), will be incorporated into the S1 Corporate Suite and made immediately available to customers. ITC is a global trade banking client access system that runs over the Internet and is an extension of Level Next's PC-based product, International Trade Link.

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