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Union Bank of Nigeria turns to Misys to strengthen international trade operations

Union Bank of Nigeria PLC, one of the largest banks in Nigeria, has selected Misys to support it as it enhances its international trade operations. The bank will implement an integrated front-to-back solution from Misys with the bank’s existing applications, supported by the highly skilled implementation team from Misys.

The solution combines the strength of the e-business solution, Misys Trade Portal, a fully-featured platform for trade finance managers to connect to their banks to complete their international trade transactions, with the robust Misys Trade Innovation, which efficiently processes trade finance transactions.

“International trade, specifically in the energy sector, has increased over the years in response to global demand, states Ibrahim Kwargana, Executive Director Operations at Union Bank of Nigeria PLC. “It is vital that we have the right technology and partner to strengthen our position in the market. To accomplish this goal, we chose Misys after reviewing several solution providers. The decision was based upon Misys’ ability to provide a wide range of functionalities and automate a large number of manual processes, while minimising the risk to us and our customers. Misys provides us with a single platform for all types of trade finance, lowering our operating costs and allowing us to increase our transaction volumes.”

“Misys is committed to making a significant difference to the long-term performance of our customers,” comments Erin Smith, Managing Director of Misys Africa. “Our trade finance integrated offering is an example of how we have invested in our products to ensure they meet their changing demands and contribute to our clients’ success. Internet-based trade finance services are critical to helping grow the businesses of banks in Africa. Union Bank of Nigeria now has an unrivalled ability to tackle the demands of the current trade finance market, both in customer service and the confidence derived from a robust back-office processing system. We are delighted to be able to work closely with the bank’s team of professionals to help them meet their goals."

Chuks Onyebuchi, CEO at Union Systems Limited (USL), a Misys partner in the region, adds, “Union Bank of Nigeria Plc (UBN), one of the biggest banks in Nigeria, recently went through extensive transformation of its people, systems and processes. As part of that process, they needed to automate their international trade services lifecycle from customer initiation to completion with a flexible and functional-rich solution that allows two-way communication between the bank and their corporate customers. This is to differentiate them within a changing and competitive Nigeria market. With Misys Trade Innovation and Trade Portal, UBN corporate customers will be exposed to comprehensive functionality across the full spectrum of trade products and will be able to initiate, track and complete a trade transaction from anywhere. It allows for complete automation of trade operations across the entire trade finance product range increasing staff productivity, control and market penetration.”

USL Consultants will also provide UBN the security of qualified local people available to offer onsite support while Misys, are available for escalations of any issue or request.

Since its entry into African markets in 1982, Misys has solidified its position working alongside local market participants to provide scalable, reliable and long-standing software solutions to support complex business needs. With its African headquarters in Nairobi, the company combines global experience with strong local presence, comprehensive solutions and industry insight, Misys continues to grow and strengthen its leadership position within Africa’s financial services industry.