Banco EXTERIOR Venezuela license Surecomp’s allNETT

10 November 2008

Surecomp, a leading provider of global trade solutions for the financial services community, announced today that Caracas-based Banco EXTERIOR has licensed allNETT, Surecomp’s Java-based Internet trade finance customer front end solution. Once implemented allNETT will seamlessly interface with the Bank’s long-established core banking system.

Established in 1958, Banco EXTERIOR, Venezuela’s 7th largest bank, is owned by the IF Group, a Spanish consortium that has been conducting business in Americas for over 50 years. The IF Group has a presence in almost every Latin American country, and provides employment opportunities to more than 10,000 people in 20 diverse operational areas. The Financial Division of the IF Group is comprised of six banks across the region and in the US.

The guidelines Banco EXTERIOR laid down for their evaluation of a suitable trade finance corporate front-end solution included:

• Rapid Time to Market

• Functional richness

• Proven regional solution

• Ability to cater for local and regional requirements

• Seamlessly integration with the Bank’s current B/O and “credit proposal” application

• Java J2EE / IT infra compatibility

• Easy to configure and simple to maintain

Tailoring its niche market services; investment management, project financing by way of intermediate credit lines as well as investment options in negotiable instruments to top individuals and corporates, Banco EXTERIOR offers a wide range of retail and wholesale business packages.

Discusses the business advantages of adding a corporate front end and developing an integrated end-to-end trade finance platform María Belén Iglesias, Banco EXTERIOR’s International Business Manager commented “given today's fiercely competitive market, we are constantly looking at ways to deepen our relationship with our customers by providing additional value-added services to our portfolio. The speed-to-market of our services becomes a critical factor to our customers when selecting a service from us. A fully rounded integrated trade finance service that enables us to harness technology, reduced costs and enhance customer service levels, is a win-win situation for all.”
 
Offering his good wishes to the Bank, Surecomp’s Jack Omar Villacis, Vice President Sales – The Americas responded “from conversations across the region we know that banks are looking to their IT departments to justify their existence within the organization and what IT will do to either increase revenue or decrease costs. The days of slow-moving, inefficient IT departments that can't meet these goals are over. To help IT departments align their goals with those of the business, it is important they choose the right technology to develop strategic applications - a technology that will reduce development time and produce quality, reliable, and scalable application.”

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