Sweden’s SEB selects CGI for trade transaction action
Swedish financial services group SEB has selected Canada-based CGI’s Trade360 solution for trade finance and emerging digital technologies, such as blockchain.
CGI Trade360 is a cloud-based transaction platform and includes a portal for end-to-end transaction management, including regulatory compliance. SEB is the first bank headquartered in Europe that will implement the solution.
Robert Pehrson, head of product management at SEB Transaction Services, says: “The greatest advantage of CGI Trade360 is that it will provide our clients with a comprehensive workflow solution. It also gives us the potential to expand our trade finance offering.”
Pär Fors, SVP and business unit leader for CGI’s operations in Sweden, adds that it “works with 22 out of 30 top banks globally”.
Founded in 1976, CGI says it is the fifth largest independent information technology and business process services firm in the world. Its Trade360 trade finance solution has a small but high-profile customer base. Users include ANZ, Bank of Montreal (BMO), Scotiabank, National Bank of Canada (NBC) and Comerica.
As reported in April, CGI, SIA and VocaLink are fighting it out to win the contract for Payments Canada’s new core clearing and settlement system.
SEB is present in approximately 20 countries. In terms of blockchain, last year it teamed up with Ripple to enable SEB customers to make real-time transfers between SEB accounts in Stockholm and New York. The bank described it as “an internal, closed blockchain”. The bank has also recently invested in blockchain consortium R3.