Krungsri, a Tier-One Thai bank, Implements Surecomp’s allNETT 6.3 to Power Digital Trade Transformation
Singapore, March 26, 2019 – Surecomp®, the leading global provider of trade finance solutions for banks and corporates, announced today the successful upgrade of allNETT®, a SWIFT compliant web based front-end trade finance system for The Bank of Ayudhya Public Company Limited (Krungsri Group). The bank will now be running allNETT 6.3 alongside Surecomp’s back-office trade finance solution; together they will provide Krungsri a seamless, end-to-end processing of their trade finance operations.
Established in 1945 and headquartered in Bangkok, Krungsri ranks among the top five banks in Thailand in terms of assets, loans, and deposits. “Today’s news is another milestone in our longstanding relationship with Surecomp”, said K.Yingluk Kongkasai, Executive Vice President Head of Transaction Banking Group at Krungsri. “Following a smooth and timely implementation, we are proud that allNETT is up and running. It is crossover to a user-friendly interface that is faster, simpler and more efficient. We strongly believe that it will enable our clients to receive reminders, alerts, generate full reporting and give them access to an improved transactions screen with more relevant features to facilitate their trades”
The successful implementation of allNETT has provided Krungsri with a next generation front-end – integrating with their existing Surecomp back-end trade finance solution. With modernized dashboards and processing features, allNETT and Surecomp’s back-office solution have developed reputations as the industry standards for their respective fields. Their platforms were designed to deliver increased efficiency for users through automation which saves time and eradicates human error. allNETT offers a vehicle for hassle-free, paperless and immediate correspondence between banks; together with Sureocomp back-office solutions, they provide a fully integrated end-to-end trade services solution with outstanding processing capabilities.
“We commend Krungsri for their decision to boost their trade finance operations with the most cutting-edge technology on the market”, said Yaron Hupert, Surecomp’s Senior Vice President of Global Account Management. “We are confident that through the allNETT/back-office combo, Krungsri strengthens its position as a powerhouse bank with an utmost efficient operation.” Hupert continued to say that the Krungsri project serves as a model for mutual success and that Surecomp is excited to continue working closely with them on future projects for years to come.
About Krungsri
Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs) with 73 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 699 branches (662 Banking Branches and 37 Auto Business Branches) and over 34,000 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 8.9 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).
Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.
About allNETT
allNETT® is a state-of-the-art Web-based trade finance front-end system. Designed for use by the bank's corporate customers and branch offices, allNETT provides complete trade cycle support. The bank's customers can initiate the full range of trade finance transactions including letters of credit (L/Cs), standby L/Cs, guarantees, collections, remittances and stand-alone finance. allNETT also enables a wide range of online inquiries and reports. Upon release of any deal at the bank's back office, all relevant correspondence, scanned documents and transaction history are immediately transferred to allNETT, enabling customer access to real-time information.
About Surecomp
Surecomp is the leading global provider of trade finance solutions for banks and multinational corporates. A respected market pioneer for 30-plus years, Surecomp maintains a proven track record delivering innovative solutions worldwide. With a global network of eight regional development and support centers [in the US, Argentina, Chile, the UK, Germany, Israel, Singapore and China], Surecomp serves a prestigious customer base in over 80 countries across six continents. Surecomp’s integrated portfolio of trade finance, supply chain finance and treasury solutions streamlines the transaction lifecycle to increase efficiencies and maximize profits.
Surecomp Contact:
Jack Gottesman
Director of Marketing
Tel: +1 201 716-1219
Email: Jack.Gottesman@surecomp.com
