Scandinavian banking group Nordea has teamed up with forestry e-transaction initiative papiNet to provide integrated security and banking services for business-to-business commerce in the global paper industry.
The joint solution will facilitate integrated financial and business-process messaging, dispute resolution and global Web-based payments based on Identrus PKI security and Swift's TrustAct messaging infrastructure. 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," says Markku Pohjola, head of corporate and institutional banking at Nordea. "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."
PapiNet was initiated by the forest industry to facilitate standards of communication and commerce. Members include all major forest companies including 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.