Surecomp announced today that Paris-based Société Générale has licensed Surecomp's NetIMEX Internet Front-Office Trade Finance solution for their corporate clients.
With a worldwide staff of over 80,000, Société Générale is one of France's largest financial institutions and is ranked as one of the top 10 banks worldwide. In addition to the Bank’s vast domestic network, Société Générale has an extensive international presence with branches throughout Europe, Asia-Pacific and the Americas. Société Générale's continued growth is structured around three core businesses: Retail Banking, Asset Management and Private Banking, Corporate and Investment Banking.
Société Générale is already familiar with Surecomp's products, having previously licensed Surecomp's internationally acclaimed trade finance solution IBSnet for global use and Surecomp's Perfect Match Confirmation Matching System in the New York Branch.
In 2002, the Bank completed a global roll out of IBSnet. The IBSnet-NetIMEX Gateway, included within IBSnet, provides seamless integration between the front office and back-office operations throughout the lifecycle of all trade finance products. This eliminates any development risk in integrating the front and back office system.
The SG New York branch uses Surecomp's Perfect Match Confirmation Matching System to control operational and settlement risk in one of the largest volume trading departments in the world.
With total integration available out-of-the-box, it is expected that the NetIMEX system will be implemented very swiftly. Requiring only a standard browser and Internet access, NetIMEX provides the bank's customer with instantaneous access to initiate trade finance transactions, receive robust communications and copies of documents and transaction status directly from the bank's back-office system. NetIMEX also enables the corporate user to extract a wide range of inquiries and reports for integration with their internal systems.
At the signing ceremony, Daniel Yver, Société Générale's Global Head of Commodities & Trade Finance IT, remarked, "Following the rollout of IBSnet, licensing of NetIMEX is the next phase of Société Générale's plans to consolidate their trade finance operations both in France and worldwide."
"SG's client-focused and technology responsive approach is stimulating innovation in its different markets. We are convinced that the integration and efficiency provided by NetIMEX and IBSnet will allow us to offer a value-added feature-rich solution to our corporate customers while being responsive to costs in an evolving marketplace economy," added Daniel Yver
James Black, Surecomp's Vice President and IBSnet Product Director, announced that Société Générale is the 29th bank to license NetIMEX since the product was first rolled-out in 1999. "We are naturally delighted at Société Générale's decision to continue to grow our relationship by implementing NetIMEX. It confirms yet again the strength of Surecomp’s products: NetIMEX truly is the best thin client integrated trade finance solution available today. Surecomp is pleased to add Société Générale's chapter to the numerous success stories shared by our customers and their clients. By selecting NetIMEX, Société Générale continues the growing trend of implementing both IBSnet and NetIMEX, confident in the knowledge that these two products will remain fully integrated and consistently deliver functionality as both products evolve to meet the changing needs of our market."