Trade finance software firm Surecomp just got a bump from U.S.-based INTRUST Bank. The companies revealed this week that the bank has licensed two of Surecomp’s financial software products to integrate into its own trade financing solution.
According to reports in IBS Intelligence, INTRUST will integrate Surecomp’s allNETT, a front-end platform for banks and their corporate customers. On the back end, INTRUST Bank said it will link to IBSnet, the Windows-based trade finance service run by Surecomp.
[bctt tweet=”INTRUST will integrate Surecomp’s allNETT, a front-end platform for banks and their corporate customers.”]
INTRUST Bank added that it has been using IBSnet for some time, but that it will be upgrading to the latest version of the tool. The integrations are set to be completed by the end of the year, reports said.
According to INTRUST International Banking Manager Dina Aaby, the addition of Surecomp’s front-end trade finance solution has been a longtime coming. “We made onsite visits to a couple of other regional banks who were using Surecomp’s IBSnet and were confident it would meet our need,” Aaby said. “Ten years later, we made the decision to add the front-end allNETT to complement our back office IBSnet.”
Both software solutions will integrate into INTRUST’s existing general ledger, demand deposit account and lending services.
The bank uses FIS for its credit card processing, loyalty, merchant processing and fraud detection services, and that partnership has been in place for nearly five years. The collaboration sees FIS providing INTRUST with a single platform to manage these tools for its clients.
INTRUST’s decision to revamp and bulk up its trade finance services for corporate customers coincides with new research published this week by U.K. law firm Clyde & Co., which concluded that more businesses are interested in accessing trade finance solutions from traditional banks than they are from alternative lenders.
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