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Bank of Cyprus signs for Surecomp’s NetIMEX Internet Trade Finance Solution

Surecomp announced today that Bank of Cyprus, Nicosia, has licensed Surecomp’s NetIMEX Internet Trade Finance solution for their corporate clients.
Bank of Cyprus is the largest financial institution in Cyprus. Bank of Cyprus is among the top 150 European Banks.

The licensing of NetIMEX is an integral part of the Bank of Cyprus plans to expand their trade finance operations in Cyprus. The bank is currently implementing Surecomp’s back office thin client trade finance solution, IMEX, and intends to enable its corporate clients to perform trade finance transactions on the Internet before the end of 2002.

At the signing ceremony in Nicosia in early March, Mr. Panayiotis Hadjicharalambous, Senior IT Manager at Bank of Cyprus, remarked
"We aim to achieve our stated goal of bringing greater service and efficiency to all phases of our trade finance operations, and this is why selecting NetIMEX to serve our corporate clients is a natural extension of our automation plans. NetIMEX will offer our clients the opportunity to access their trade finance business through the internet 24 hours a day whether they wish to initiate new business, inquire on existing instruments or use the NetIMEX reporting facilities that are readily available."

Matti Shemtov, Surecomp’s President, confirmed that Bank of Cyprus is now the twenty first bank to license NetIMEX since the product was first introduced a little more than three years ago. "We are naturally delighted at the Bank of Cyprus decision to implement NetIMEX. It confirms to the market once again that Surecomp’s NetIMEX is the best thin client solution with totally integrated trade finance functionality that is available today. NetIMEX has proven to be a major success story both for Surecomp, its banking clients and, above all, for those companies that have been fortunate enough to be offered NetIMEX as their internet solution for trade finance. Bank of Cyprus, by implementing NetIMEX, follows many other major banks that have implemented both IMEX and NetIMEX comfortable in the knowledge that these two products will be fully integrated, not only now, but also in the future as the functionality of both products continues to evolve. We look forward to seeing Bank of Cyprus reap the rewards for implementing Surecomp’s trade finance solutions and to helping them maintain their competitive edge for many years to come".