Banco Internacional of Ecuador licenses Surecomp trade finance system

Source: Surecomp

Surecomp, a leading provider of global trade solutions for the financial services community, announced today that Banco Internacional of Ecuador, a member of the IF Group, has licensed Surecomp's Java-based end-to-end trade finance solution.

Based on the agreement, Banco Internacional will deploy allTRA, Surecomp's Java J2EE trade finance back-office system, and allNETT, the vendor's Java J2EE Web-based trade finance front end.

Established in 1973, and viewed as a solid and reliable institution, Banco Internacional has the distinction of obtaining the top credit rating awarded to Ecuadorian banks (AAA - ) by PCR (Pacific Credit Rating). Banco Internacional has built its brand by blending together the development of his human talent, and strategic business decisions based on discipline, prudence and quality. The Bank has earned a reputation for offering its customers' superior products, services and business processes.

"Banco Internacional has long been viewed as a technology leader in Ecuadorian banking. A major priority in selecting a comprehensive trade finance solution was speedy implementation, low future maintenance, and the ability to grow the solution as the Bank expands," said Patricio Patiño, Vice President & Assistant General Manager of Banco Internacional. "Following an intense and detailed evaluation of market options, Banco Internacional concluded that Surecomp's offering was superior in all respects to other available solutions."

Banco Internacional's end-to-end straight-through processing (STP) trade finance solution comprises Surecomp's Java-based allNETT® and allTRA® software systems. allNETT® V4.0 is a bank/corporate front-end that includes a range of new and enhanced features. allTRA® V2.0 is a powerful state-of-the-art bank back-office system that is widely acclaimed in Latin America and Europe.

"Banco Internacional recently obtained the position as the country's number one trade bank despite operating a manual trade finance system," said Rafael Pazmiño, Banco Internacional's Vice President of International Business. "We were determined to select a bank back-office and corporate front-end that would allow us to remain the bank of choice for corporate and business users - and Surecomp's allTRA and allNETT solutions fit the bill."

Jack Omar Villacis, Surecomp Vice President Sales, The Americas commented "Surecomp continues to build its reputation as a leading regional and global brand. Surecomp is repeatedly shortlisted and selected for its proven track record, solution scalability, and leadership position in the trade finance solution space. We view the continued penetration of the Latin American market as a very positive sign that our approach to the trade finance solution market is correct as banks head towards the automation of their trade finance operations."

Banco Internacional of Ecuador is a member of the Spanish IF Group (Grupo Fierro), which also includes Banco Exterior in Venezuela, Banco Interamericano de Finanzas (BIF) in Peru, Banco Internacional in Guatemala, International Finance Bank (IFB) in the United States, and EBNA Bank in Curacao. With 10,000 professionals spread across 20 economic sectors, the IF Group maintains operations in Spain, Latin America and the United States.

"Surecomp has long viewed the Latin America region as an economic powerhouse just waiting to take its rightful place in world business circles," added Joel Koschitzky, Surecomp Chairman. "Having recently attended the FELABAN Annual Assembly in Uruguay where we witnessed firsthand the regional developments taking place, we are convinced that 2011 and 2012 will be banner years for Latin American banking. We congratulate Banco Internacional on its selection of a cutting-edge trade finance solution that will enable the Bank to not only better serve its corporate clients but also help promote increased regional trade."

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