Chile's BCI selects NetIMEX for end-to-end trade finance automation

Santiago, Chile - January 16, 2006 – Surecomp, a leading provider of trade finance, factoring, cash letter and reconciliation solutions for the banking and financial market, today announced that Banco de Crédito e Inversiones (BCI), one of Chile’s leading trade services banks, has licensed NetIMEX, Surecomp’s Internet-based trade finance solution. With the implementation of NetIMEX, BCI will be able to offer its corporate customers a fully comprehensive STP end-to-end automated trade finance solution.

A regional leader in the development of Internet banking services – the BCI’s website has received many awards including Best Online Bank, been placed in the Top 25 Financial Websites of the World, and placed fourth overall in a survey of North & South American banking portals – BCI selected NetIMEX after a rigorous evaluation process which included page navigation, security issues, management control and customer ease of use.

BCI - recently voted by the America Economy magazine as one of the top three Latin American regional banks and recognized as the best bank in Chile by Latin Finance magazine- was established in 1937, and is Chile’s 4th largest bank in terms of loans, enjoying a well-earned reputation as a local universal bank servicing retail and wholesale markets. In terms of efficiency, BCI’s objective is to achieve the lowest operating costs in relation to revenues of any of the major banks in Chile. The Bank has made substantial changes in its operating processes, migrating to remote channels and rationalizing costs. This has been reflected in a reduction in operating expenses, which has given the Bank an enviable income ratio of below 50%.

Speaking after the signing of the agreement BCI’s Patricio Salinas said, "We view the Internet as an important channel to better serve our clients, ‘making their lives easier’, and also as major revenue source for the Bank. The number of BCI customers using the Internet has increased by 30% and we are averaging 85,000 visits per month. With our faith and commitment to the Internet, it was only naturally that we looked to extend web services to our corporate trade services customers. A tried and tested innovative solution with rich functionality, NetIMEX is a perfect fit. We foresee the implementation of an automated trade services empowering us to offer even better customer service while enabling the Bank to aggressively complete with much larger national and regional financial institutions, all the while bringing significant revenue to BCI."

"Surecomp is a major global vendor able to demonstrate its commitment to Latin America" concluded Salinas.

"We are pleased to expand our partnership with Banco de Credito e Inversiones. The Chilean banking industry overall and BCI in particular have made enormous progress during the last few years including the rapid implementation of Internet-based services. BCI has deservedly won a reputation for its sophisticated Internet banking offerings and its drive to expand web-based services," commented Vladimir Ramirez, Surecomp’s Vice President Business Development. "BCI joins a growing list of regional and global institutions that have implemented a fully comprehensive STP trade finance solution from Surecomp. NetIMEX, which is easy to use, manage and scale, can readily accommodate the rapid growth in business volumes the Bank is anticipating. We are proud to support BCI's drive for expansion."

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