BEC enters new fintech partnership on trade finance

BEC Financial Technologies has formed yet another partnership, this time with the fintech company MITech, collaborating with another fintech, Komgo, to implement their new, joint trade finance solution for corporate clients in Spar Nord and Nykredit.

“BEC is transforming into the leading fintech integrator for Danish banks. Instead of coding our own IT solutions, we prefer to build an eco-system of market leading tech and fintech partners that we can integrate into our full-service banking platform,” says Ole Rosholm, development director for Payments, BEC.

The new solution, Konsole+, is a trade finance solution that automates business banking services for international trade and commerce, integrating two components: MITech’s advanced back-office system, Credoc 5G, which will run in BEC’s environment, and Komgo’s cloud-based web portal for business banking customers, Konsole.

30 percent of Danish business banking

30 percent of all Danish companies use a BEC member bank as their primary bank. The new trade finance solution will be used by two of BEC’s largest member banks, Nykredit and Spar Nord, who are currently using an older trade finance solution from MITech.

The new solution captures every step of all trade finance instruments, integrates an advanced workflow engine, and offers business activity monitoring to deliver unparalleled flexibility and automation capabilities.

“This will streamline the banks’ operations by automating manual processes, enabling real-time communication with clients, and optimizing how the banks manage their trade finance processes,” says Ole Rosholm, BEC, who is expecting to go live with the enhanced trade finance offering in 2025.

MITech’s collaboration with BEC spans over 15 years, with a continuous focus on innovation to modernize trade finance operations.

“We are thrilled to extend our latest state-of the art Credoc 5G with Konsole, leveraging the best available technologies into a full front-to-back trade finance system for Spar Nord and Nykredit. By integrating Credoc 5G with Konsole using our proprietary connector, we provide streamlined access to Komgo solutions and network, significantly reducing the burden of integration work,” says Michael Cohen-Dumani, CEO at MITech.