App Automating Bank Guarantee Requests Wins Global Hackathon
Toronto - Trade finance solution vendor Surecomp has recognised Nordea Bank as the 2020 Surecomp Global Hackathon winner. The three-day Global Hackathon virtual event saw dozens of teams gathered from across the globe.
The five-strong team from Nordea developed an application that can automate the request of bank guarantees, eliminating the need for paper-based applications and accelerating the processing of global trade. The app is designed to seamlessly integrate with Surecomp’s back-office trade finance processing solution IMEX, which the bank has been using since 2016. The winning solution will now be fully developed in a real live environment to benefit Nordea customers.
Among the competition finalists were also two of the world’s top ten banks and several leading fintechs, all focused on digitisation and streamlining trade finance operations. Some of the other most notable included an app for supply chain finance, fraud control and KYC.