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Komerční Banka Goes Live with Automated End-to-End Trade Finance Solution from Surecomp

Surecomp, a leading provider of global trade solutions for the financial services community, announced today that Komerční Banka, a Prague-based bank belonging to the Société Générale Group, has commenced production with allNETT, Surecomp’s Java J2EE corporate trade finance front-end solution. Seamlessly interfacing with Komerční Banka’s back-office trade finance system IBSnet, previously implemented by Surecomp, allNETT has completed the creation of an automated, end-to-end trade finance solution for the Bank.

Established in 1990, Komerční Banka has been 60% owned by Paris-based Société Générale since late 2001. A leading player in the CEE region, Komerční Banka is ranked among the top three banks in the Czech Republic and among the top 500 banks worldwide. The Bank provides a comprehensive range of retail, corporate/business and investment banking services, as well as specialized offerings in pension fund management and mortgage lending.

Given its increasingly important and broader role in the Czech Republic, the challenge facing Komerční Banka was how to enhance its already well established trade finance services, and provide a country-leading, integrated system. Comprised of Surecomp’s allNETT and IBSnet, the first version of which the Bank initially implemented in 1992 and subsequently upgraded, the automated trade finance solution offers the advantages of rapid implementation and a quick learning curve.

“We recognize the value of offering a premium trade finance solution to our corporate customers,” said Lucie Kudrnova, Komerční Banka’s Head of Corporate Marketing. “The combined allNETT/IBSnet solution meets our specific need for a comprehensive trade finance solution that helps simplify the administrative workload, optimize processes and save time and money for both our corporate clients and the bank. In today’s financial environment, the importance of real-time control and monitoring is paramount.”

“We selected allNETT due to the smooth integration between the two products and the benefits of a robust, feature-rich solution for our customers. We can truly say that we now have implemented a leading-edge trade finance offering.” continued Jana Svabenska, Banka´s Director of Trade and Export Finance.

“An integrated allNETT/IBSnet solution provides a market-ready operational environment that enables banks to better manage their trade finance portfolios, achieve greater workflow control, and gain improved visibility into cash flows, risk exposure and asset management,” said Eyal Hareuveny, Surecomp President. “Built on a flexible and scalable platform, such a solution also delivers on-demand reporting across multiple entities and business units, giving Komerční Bank’s corporate customers greater insight into their trade finance activities.”

About Komerční Banka
Komerční Banka is one of the best run universal banks in Central Europe. It provides comprehensive services to clients in the areas of retail, corporate and investment banking. The Komerční Banka Group’s 8,900 employees serve over 1.6M clients, who can use an extensive network of 390+ points of sale throughout the country. Komerční Banka currently operates 680 ATMs and more than 966,000 of its clients use one of its direct banking channels.

Komerční Banka is part of the Société Générale Group, one of the largest banking groups in the euro zone (in terms of market capitalization), whose 163,000 employees serve more than 30 million individual clients worldwide. For more information, visit www.kb.cz.

About allNETT
allNETT is an Internet-based trade finance system designed for use by a bank’s corporate and commercial customers, and optionally by a bank’s branches. allNETT allows the user, via a standard browser, to initiate transactions – including letters of credit, standby letters of credit, amendments, payments and acceptances, guarantees, clean payments and export collections – and extract a wide range of inquiries and reports. allNETT is fully interfaced with Surecomp’s IBSnet, IMEX and allTRA solutions, as well as various other back-office trade finance systems. allNETT also can be operated as a stand-alone system.

About Surecomp
Surecomp is the 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 60 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.