INTRUST Bank Licenses Surecomp End-to-End Trade Finance Solution
- Trade Finance , Infrastructure
- 09.09.2015 01:00 am
Surecomp®, the leading global provider of trade finance solutions for banks and corporations, announced today that INTRUST Bank, the largest independent bank headquartered in Kansas, has licensed two Surecomp products as part of an end-to-end trade finance solution. INTRUST is implementing allNETT® the Surecomp front-end solution for banks and their corporate clients. allNETT will seamlessly interface to IBSnet®, the Surecomp Windows-based back-office trade finance solution.
Originally chartered as the Farmers & Merchants Bank in 1876, and later known as the First National Bank in Wichita, INTRUST ranks amongst the top 150 banks in the Unites States. Privately owned, INTRUST is currently led by C.Q. "Charlie" Chandler IV, the fourth-generation descendant of the bank’s founder, C. Q. Chandler II. As a bank with its roots planted firmly in Kansas, INTRUST puts its faith in the local community.
allNETT is a Java J2E enterprise platform used for both initiating trade finance transactions and extracting wide-ranging inquiries and reports. A 24/7 multi-customer, multi-entity solution, allNETT makes the corporate processing of letters of credit (L/Cs) much more efficient by eliminating all manual activities involved in such transactions. This paperless ‘green’ solution also speeds up critical business reporting required by corporations to remain competitive.
INTRUST is able to react quickly to evolving corporate requirements by offering its clients allNETT. INTRUST uses allNETTto greatly increase productivity and transaction processing throughput while mitigating risk and ensuring compliance to regulatory standards.
Dubbed the “Air Capital of the World”, Wichita enjoys a well-deserved reputation for aviation and aerospace, in addition to being an industrial hub for manufacturing and agriculture. INTRUST has recently completed provisioning its largest (international) corporate client with allNETT to help ensure the manufacturer’s smooth initiation and processing of all products relating to international trade finance.
INTRUST has seamlessly integrated allNETT with IBSnet, the Surecomp back-office system, thus enabling a straight-through processing (STP) trade finance solution. Built on proven Windows-based technology, IBSnet will support INTRUST’s drive to strengthen its trade services for clients in the United States and around the world.
“We have recognized the value of offering a premium trade finance solution to our corporate customers. The combined allNETT/IBSnet solution meets our specific need for a comprehensive front-to-back office solution that helps simplify the administrative workload, optimizes processes, and saves time and money for both our clients and the bank,” said Dina M. Aaby, International Banking Manager at INTRUST. “Integrating smoothly with IBSnet, allNETT is a leading-edge trade finance offering that delivers a robust, real-time solution for our corporate clients."
“With further consolidation, deregulation and diversification of the financial industry, the banking sector will become even more complex. As such, banks of all sizes are working to identify new business niches, develop customized services, and capture new market opportunities,” said Joel Koschitzky, Surecomp Chairman. “As the trade finance market leader, Surecomp invests heavily in developing and supporting state-of-the-art products designed to help our banking and corporate customers thrive under ever-changing market conditions.”
“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 of cash flows and risk exposure,” said Dan Watkins, Vice President of North America at Surecomp. “Built on a flexible and scalable platform, such a solution also delivers on-demand reporting across multiple entities and business units, giving INTRUST and its corporate clients far greater insight into their trade finance activities.”