Mercantil Commercebank in the US is set to offer enhanced financial trade services for corporate clients in the Americas by providing open account transactions via a white label version of the platform created by supply chain provider Tradecard.
Through this service, the Miami-based bank will be able to offer its clients services to settle and finance open account portfolios, reduce transaction costs and improve transaction visibility.
Mercantil Commercebank aims to use automation through Tradecard to accurately and quickly handle data from multiple parties and process invoices and purchase orders seamlessly, without manual matching and consolidating. Open account transactions also eliminate service fees that accompany traditional trade instruments.
"Joining TradeCard's extensive network of buyers, suppliers, and service providers strategically positions us to provide innovative services to our customers, including open account settlement and export financing," comments Blas Betancourt, executive vice president, global corporate division, at Mercantil Commercebank.
The agreement will help Mercantil Commercebank meet the growing demand for innovative supply chain finance services in the Americas as more industries and companies take advantage of recently passed free trade agreements.
"Companies that source today seek a more collaborative trading platform that offers flexibility and is less costly than traditional bank products," observes Kurt Cavano, CEO of TradeCard.
"Mercantil Commercebank is bringing innovative online trade services into the region that will play a key role in the rapid growth of trade in the Americas as companies leverage the recently ratified CAFTA and long standing NAFTA agreements."
Last Updated February 28, 2008
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