Hoboken, New Jersey – December 15, 2010 – Surecomp®, a leading provider of global trade solutions for the financial services community, announced today that Banco Internacional of Ecuador, a member of the IF Group, has licensed Surecomp’s Java-based end-to-end trade finance solution. Based on the agreement, Banco Internacional will deploy allTRA®, Surecomp’s Java J2EE trade finance back-office system, and allNETT®, the vendor’s Java J2EE Web-based trade finance front end.
Established in 1973, and viewed as a solid and reliable institution, Banco Internacional has the distinction of obtaining the top credit rating awarded to Ecuadorian banks (AAA – ) by PCR (Pacific Credit Rating). Banco Internacional has built its brand by blending together the development of his human talent, and strategic business decisions based on discipline, prudence and quality. The Bank has earned a reputation for offering its customers’ superior products, services and business processes.
“Banco Internacional has long been viewed as a technology leader in Ecuadorian banking. A major priority in selecting a comprehensive trade finance solution was speedy implementation, low future maintenance, and the ability to grow the solution as the Bank expands,” said Patricio Patiño, Vice President & Assistant General Manager of Banco Internacional. “Following an intense and detailed evaluation of market options, Banco Internacional concluded that Surecomp’s offering was superior in all respects to other available solutions.”
Banco Internacional’s end-to-end straight-through processing (STP) trade finance solution comprises Surecomp’s Java-based allNETT® and allTRA® software systems. allNETT® V4.0 is a bank/corporate front-end that includes a range of new and enhanced features. allTRA® V2.0 is a powerful state-of-the-art bank back-office system that is widely acclaimed in Latin America and Europe.
“Banco Internacional recently obtained the position as the country’s number one trade bank despite operating a manual trade finance system,” said Rafael Pazmiño, Banco Internacional’s Vice President of International Business. “We were determined to select a bank back-office and corporate front-end that would allow us to remain the bank of choice for corporate and business users – and Surecomp’s allTRA® and allNETT® solutions fit the bill.”
Jack Omar Villacis, Surecomp Vice President Sales, The Americas commented “Surecomp continues to build its reputation as a leading regional and global brand. Surecomp is repeatedly shortlisted and selected for its proven track record, solution scalability, and leadership position in the trade finance solution space. We view the continued penetration of the Latin American market as a very positive sign that our approach to the trade finance solution market is correct as banks head towards the automation of their trade finance operations.”
Banco Internacional of Ecuador is a member of the Spanish IF Group (Grupo Fierro), which also includes Banco Exterior in Venezuela, Banco Interamericano de Finanzas (BIF) in Peru, Banco Internacional in Guatemala, International Finance Bank (IFB) in the United States, and EBNA Bank in Curacao. With 10,000 professionals spread across 20 economic sectors, the IF Group maintains operations in Spain, Latin America and the United States.
“Surecomp has long viewed the Latin America region as an economic powerhouse just waiting to take its rightful place in world business circles,” added Joel Koschitzky, Surecomp Chairman. “Having recently attended the FELABAN Annual Assembly in Uruguay where we witnessed firsthand the regional developments taking place, we are convinced that 2011 and 2012 will be banner years for Latin American banking. We congratulate Banco Internacional on its selection of a cutting-edge trade finance solution that will enable the Bank to not only better serve its corporate clients but also help promote increased regional trade.”
About Banco Internacional
Banco Internacional is the fifth largest bank in Ecuador with total assets in excess of US$1,499 million and total deposits of US$1,248 million. The Bank’s network of 86+ branches and 500+ ATMs spread throughout the country provides the backbone to a wide range of financial services mainly to corporate and medium-sized companies and individuals, through commercial loans, trade finance transactions, savings and money markets accounts, personal loans, credit cards and mortgages. For more information, visit www.bancointernacional.com.ec.
About the IF Group
The IF Group has built solid corporate values based on strategic management to ensure total customer satisfaction, profitability for its shareholders, development of group employees, and contribution to environmental progress. For more information, visit www.grupoif.com.
About Surecomp’s End-to-End Trade Finance Solution Suite
Surecomp delivers an integrated end-to-end trade finance solution comprised of best-of-class front-end and back-office systems. Surecomp offers several back-office trade finance systems, each targeted for different levels of usage, geographical location and IT infrastructure. Regardless of location, size, geographical spread of operations, or transaction volume, Surecomp has a seamless automated trade finance solution that meets and surpasses client requirements.
Surecomp is a leading provider of global trade solutions for the financial services community. Established in 1987, Surecomp 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 over 70 countries. Surecomp’s integrated portfolio of trade finance, supply chain solutions and treasury confirmation matching solutions streamlines the transaction lifecycle to minimize costs and maximize profits. For additional information, visit www.surecomp.com.