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New Trade Finance Solution Hits Europe

Sweden-based financial services group Nordea announced this week that it launched a new web-based trade finance solution in London and Frankfurt. As reported by Banking Technology, the solution is called allNETT and is from specialist firm Surecomp.

Nordea is already active in corporate merchant banking, retail and private banking in several countries including Denmark, Finland, Norway, Sweden, Estonia, Latvia, Lithuania and Russia. The bank said it plans to roll it out to other markets – like the UK and the United States – in the next few months.

“We have witnessed firsthand the difficulties many banks are having as they continue to serve traditional trade markets while maintaining or improving return on equity performance,” Joel Koschitzky, chairman at Surecomp, said in a statement, according to Banking Technology. “allNETT, complemented by Surecomp’s suite of trade finance and supply chain finance products, helps banks and their corporate clients to drive efficiency and boost profitability.”

This particular solution could be greatly beneficial to the UK, as it was announced earlier this week that an investigation was being launched into the UK retail banking sector. The investigation hopes to determine whether the industry lacks effective competition and is therefore inadequate to meet the needs of personal consumers or SMEs.

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