STOCKHOLM, Sweden, June 6, 2002 (PRIMEZONE) -- Nordea and papiNet have together modelled a solution to integrate security and banking services into the business-process messaging of the global paper industry. This marks a further expansion in Nordea's utilisation of its world-leading Internet banking expertise for the benefit of corporate customers.
The joint solution provides cost reduction potential for papiNet members due to integrated financial and business-process messaging, simplified dispute resolution and global Internet-initiated payments provided by the banks of their choice. The solution builds on Identrus PKI security and SWIFT's TrustAct messaging infrastructure, to which Nordea has been an active contributor. It covers the entire value chain from order to settlement. Messages concerning financial services are picked up from the B2B information flows and then passed on to banks.
"Banks have a role to play in adding security to business-to-business transactions, and that role is now expanded to integrating financial services into the corporate value chain," said Markku Pohjola, head of Corporate and Institutional Banking at Nordea. "This is a new way for Nordea to serve an industry of importance to the Group. Through our unique cooperation with papiNet, we are the first in the world to offer this service, and we invite other banks to begin offering their services using the new standard."
"The joint solution addresses the needs of the paper industry in terms of openness and support for the global operating environment. Cooperation with banking sector adds value to papiNet, and is clearly to our mutual benefit," said CIO Jorma Saarikorpi of UPM-Kymmene.
PapiNet was initiated by the forest industry to facilitate standards of communication and commerce, and all major forest companies are members, eg International Paper, Stora Enso, UPM-Kymmene, SCA and M-real. Forest industry customers, such as AOL Time and News International, also participate actively in the initiative.
For further information:
Olli Kahkonen, Concept Manager, +358 9 165 53246 Liisa Laine, Media Relations, +358 9 1654 2655, +358 50 66839 Read more at www.nordea.com Press room www.papinet.org
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