Surecomp, the leading global provider of trade finance solutions for banks and corporations, announced today that Nordea, the largest financial services group in Northern Europe, has gone live in Frankfurt and London with the stand-alone version of allNETT, Surecomp's Web-based trade finance front-end solution.
Nordea has as of June 30, 2014 a market capitalization of approximately EUR 41.7bn, total assets of EUR 636.7bn and a common equity tier 1 capital ratio of 15.2%.
The rapid implementation of allNETT is an integral element of Nordea's drive to enhance its position as the dominant trade finance bank in Northern Europe and to strengthen its international trade finance operations. Additional Nordea locations are scheduled to go into production with the stand-alone version of allNETT in the coming months.
In Q4/2013, Nordea previously licensed allNETT V5.0 along with Surecomp's IMEX V7.0 trade finance back-office platform and the SCF-PRO V1.2 supply chain finance solution.
"We appreciate the trust bestowed upon us by Nordea, and are fully confident that the Bank's expectations will be met and surpassed by Surecomp" remarked Joel Koschitzky, Surecomp Chairman. "We have witnessed firsthand the difficulties many banks are having as they continue to serve traditional trade markets while maintaining or improving return on equity performance. 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."
Nordea has leading positions within corporate merchant banking as well as retail and private banking. The Bank maintains operations across eight home Nordic and Baltic Sea markets including Denmark, Finland, Norway, Sweden, Estonia, Latvia, Lithuania and Russia. Nordea's international corporate banking division operates branches in Germany, the UK, Singapore, China and the US.
"Surecomp is a seasoned provider of mature yet innovative trade finance solutions for banks and corporations alike, and we look forward to continued collaboration with Surecomp in the years ahead. Our vision is to make global trade happen by providing the very best services across all markets. The continuous rollout of allNETT - for the benefit of our corporate clients requiring trade finance services - is a prime example of this vision," said Lena Hedengran, Vice President, Head of Trade Finance Baltics & International Units at Nordea.