Union Bank of Nigeria (UBN) has selected Misys to support it in enhancing its international trade operations. The bank will implement an integrated front-to-back solution from Misys with its existing applications, supported by the implementation team from the group.
The solution combines the Misys Trade Portal electronic business (e-business) platform for trade finance managers to connect to their banks to complete their international trade transactions, with Misys Trade Innovation, which processes trade finance transactions.
“International trade, specifically in the energy sector, has increased over the years in response to global demand,” said Ibrahim Kwargana, executive director operations at UBN. “It is vital that we have the right technology and partner to strengthen our position in the market. To accomplish this goal, we chose Misys after reviewing several solution providers.”
Chuks Onyebuchi, chief executive officer (CEO) at Union Systems (USL), a Misys partner in the region, added: “UBN, one of the biggest banks in Nigeria, recently went through extensive transformation of its people, systems and processes. As part of that process, they needed to automate their international trade services lifecycle from customer initiation to completion with a flexible and functional-rich solution that allows two-way communication between the bank and their corporate customers. This is to differentiate them within a changing and competitive Nigerian market.”
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.