Paris, France – November 30, 2010 –Surecomp, a leading provider of global trade solutions for the financial services community, announced today that the Corporate and Investment Banking division of Paris-based Société Générale has expanded the use of allTRA beyond France.
Ranked amongst the top ten banks globally, Société Générale CIB partnered with Surecomp to develop allTRA, a Java J2EE bank back office trade finance system.
The production roll-out of allTRA to Geneva and Hong Kong followed by New-York in Q4 2011, and then Singapore forms a key element in the Bank’s intention to achieve the objectives of its Ambition 2015 plan.
With flexible and robust design architecture, state-of-the-art allTRA enables the Bank’s back office to be more productive by allowing for the implementing a board range of STP functions, dramatically reducing operational risk. allTRA also aids the Bank by increasing their business scalability and resilience.
“Incorporating allTRA is expected to deliver distinct performance benefits for Société Générale CIB and in turn to our customers, while further demonstrating the numerous business advantages and highly advanced approach we take,” said Florence Escaffre, Global Head for Trade Commodity Finance Operations of Société Générale CIB. “We are delighted with the performance of allTRA and have long recognized the value that Surecomp delivers to the industry. Being a driving force in the allTRA product roadmap is key.”
“The decision by Société Générale CIB to expand the production beyond France demonstrates the coming-of-age of allTRA,” said Joel Koschitzky, Surecomp Chairman. “This move is good news for the Bank, its customers and the larger embedded community.”
About Société Générale
The Corporate & Investment Bank is at the heart of Société Générale’s universal banking business model, a financial institution relying on solid fundamentals to accompany its clients in their development and support the economy across sectors and industries.
With around 12,000 professionals in over 33 countries across Europe, the Americas and Asia-Pacific, Société Générale Corporate & Investment Bank tailors solutions for issuers and investors by capitalizing on its worldwide expertise in investment banking and global markets.
Developed entirely in the advanced Java J2EE multi-platform environment, allTRA meets the trade finance requirements of banks of all sizes. allTRA streamlines the processing of a wide array of trade finance transactions including commercial and standby L/Cs, industrial revenue bonds, guarantees, collections, reimbursements and clean payments. Fully SWIFT compliant, allTRA also provides enhanced support for all forms of financing such as acceptances, discounted paper and fixed/floating rate loans.
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.