For both Back and Front-End Trade Finance Operations
HOBOKEN, NJ, August 23, 2017 – Surecomp®, the leading global provider of trade finance solutions for banks and corporations, announced today the successful implementation of two products, allNETT® and IMEX®, with the Bank of Cyprus. Surecomp’s front office allNETT solution and back office IMEX solution will together provide the Bank of Cyprus seamless, straight through processing of their trade finance operations.
Established in 1899 and headquartered in Nicosia, the Bank of Cyprus is the number one ranked bank in the country. “We have had a strong business relationship with Surecomp for nearly twenty years. Adding allNETT to our suite of trade-finance solutions will strengthen our commitment to provide quality services to our corporate clients” said Andreas Stylianou, Manager Organization & Change Department at the Bank of Cyprus.
The successful implementation of allNETT and IMEX has provided the Bank of Cyprus with next generation, back-end and front-end trade finance solutions. With modernized dashboards and processing features, allNETT and IMEX have developed reputations as the industry standards for their respective fields. Their platforms were designed to deliver increased efficiency for users through automation which saves time and eradicates human error. allNETT offers a vehicle for hassle-free, paperless and immediate correspondence between banks; IMEX is an internet-based back-office trade finance solution. Together, they provide a fully integrated end-to-end trade services solution with outstanding straight-through processing capabilities.
“We congratulate the Bank of Cyprus on its decision to continue driving its trade finance services with the most advanced version of allNETT. Leveraging our long-running partnership and best-in-class solutions, the Bank has created a highly effective and integrated front-to-back trade finance platform” said Eyal Hareuveny, Surecomp President. “As the trade finance market leader, Surecomp will continue to invest heavily in product development to help our banking and corporate customers remain at the industry forefront.”
“We thank the Bank of Cyprus for its trust in Surecomp,” said Yaron Hupert, Surecomp’s Senior Vice President responsible for global account management. “The partnership with Bank of Cyprus is very important to Surecomp. We will strive to provide the Bank with industry-leading services and solutions well into the future.”
About Bank of Cyprus
The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Bank of Cyprus Group operates through a total of 126 branches, of which 121 operate in Cyprus, 1 in Romania and 4 in the United Kingdom. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 4,302 staff worldwide. At 31 March 2017, the Group’s Total Assets amounted to €22.5 bn and Total Equity was €3.1 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries. For additional information, visit www.bankofcyprus.com.
allNETT® is a state-of-the-art Web-based trade finance front-end system. Designed for use by the bank’s corporate customers and branch offices, allNETT provides complete trade cycle support. The bank’s customers can initiate the full range of trade finance transactions including letters of credit (L/Cs), standby L/Cs, guarantees, collections, remittances and stand-alone finance. allNETT also enables a wide range of online inquiries and reports. Upon release of any deal at the bank’s back office, all relevant correspondence, scanned documents and transaction history are immediately transferred to allNETT, enabling customer access to real-time information.
IMEX® is the world’s leading back-office trade finance solution designed for banks with high volumes of trade activity. Serving as a real-time processing and decision-support system, IMEX is a comprehensive back-office solution that fully addresses the diverse needs of a bank’s trade services department. IMEX handles the entire range of trade finance transactions – including issued and received letters of credit (L/Cs), standbys, clean and documentary collections, clean payments, guarantees, reimbursements, syndications and participations – and supports both integrated and stand-alone financing, discounting and forfaiting.
Surecomp® is the leading global provider of trade finance solutions for banks and corporations. A market pioneer for 30 years, Surecomp maintains a proven track record delivering innovative solutions worldwide. With a global network of regional offices and eight state-of-the-art development centers, Surecomp successfully supports hundreds of installations in over 80 countries. Surecomp’s integrated portfolio of trade finance and supply chain finance solutions streamlines the transaction lifecycle to minimize costs and maximize profits. For additional Information, visit www.surecomp.com.