Nordea, the largest financial services group in the Nordic region, has selected Misys’ Trade Innovation to provide comprehensive workflow management and complete integration for its operations in Singapore .

In Singapore , both Unibank and Christiania Bank have for many years been extensive users of Midas, and since the merger with MeritaNordbanken in 2000, Nordea Singapore has been running Midas to support its core business. Increasing demands for integration of the trade finance operation with the core business prompted an investigation of the alternatives to the existing Eximbills trade finance solution.

Nordea considered a number of available trade finance systems, including solutions already used within the Nordea group and the possibility of in-house development. This evaluation process resulted in the bank selecting Trade Innovation from Misys. Torgeir Hansson, responsible for international units, comments: “Our selection of Trade Innovation is the result of a thorough investigation and comparison of trade finance solutions available on the market. The conclusion of this was that Misys represents the optimal solution for Nordea in Singapore .”

He continues: “Trade Innovation provides full business support for the wide range of trade finance instruments processed by our office in Singapore and offers extensive workflow management capabilities. Its complete integration with Midas will help us achieve a very fast implementation and the effort and costs of operating will be minimised.”

Nordea has extensive experience, having managed Midas installations for their international branches for more than 16 years and their centralised IT team has a proven record of providing reliable and high quality business support while reducing operational costs: “Together with Midas we will gain one integrated solution from a single vendor and we are comfortable that our huge expertise with Misys solutions will ensure a successful project and achieve our business objectives,” Hansson concludes.