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Banco Exterior Venezuela License Surecomp’s allNETT

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 to local and regional requirements
  • Seamless integration with the Bank’s current back-office (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.

Discussing 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, reduce 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 a quality, reliable, and scalable application.”

About Banco EXTERIOR
Banco EXTERIOR’s 100+ branches and more than 2,000 employees have generated assets in excess of $3,517M.
In recent years Banco EXTERIOR has achieved above average results when compared to other banks in the Venezuelan financial sector. This is exemplified by its solid profit value and outstanding quality of held assets.
For more information of Banco Exterior go to: www.bancoexterior.com

About allNETT
allNETT is an Internet-based Trade Finance System, designed for use by a Bank’s corporate and commercial customers and, as an option, by the Bank’s branches. allNETT allows the user, via a standard browser, to both initiate transactions including Letters of Credit, Standby Letters of Credit, Amendments, Payments and Acceptances, Guarantees, Clean Payments and Export Collections, and to extract a wide range of inquiries and reports. allNETT is fully interfaced with IMEX, IBSnet, allTRA and various other Back Office Trade Finance Systems. allNETT can be operated as a stand-alone system.

About Surecomp
Established in 1987, Surecomp [www.surecomp.com] is a market pioneer with a proven track record delivering innovative solutions to major banks and financial services providers worldwide. With a global network of regional offices and state-of-the-art development centers, Surecomp successfully supports hundreds of installations in more than 60 countries. Surecomp’s integrated portfolio of receivable management and trade finance solutions streamlines the transaction lifecycle to minimize costs and maximize profits.