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TradeCard, the financial supply chain services provider, has announced that Hong Kong-based Tristate Holdings, one of the largest garment producers in Asia, is using its web-based global trade transaction platform to manage its global trade business with multiple suppliers.
Transactions managed by the TradeCard system include accessory and material purchases from suppliers. Through TradeCard, Tristate Holdings’ trading partners gain online access to real time reporting to improve the settlement process. Tristate Holdings gains online access not just to multiple suppliers but also logistic services and TradeCard’s extensive network of service providers.
In order to improve business processes, Tristate Holdings and TradeCard have jointly worked to integrate TradeCard with the company’s current systems. This integration provides centralised access across multiple factories and countries to allow automation of the transaction process from purchase order to Accounts Payable. TradeCard’s proven trade transaction platform enhances the value of Tristate Holdings’ existing in-house back office system by providing a single and automated interface to its trading partners.
Tristate Holdings, whose customers include most globally recognised garment brands and major retailers, is renowned for its record of excellent craftsmanship.
According to Gene Hue, vice-president-supply chain, Tristate Group, TradeCard made it possible for companies throughout Tristate Holdings to be connected online in a fast and easy way. He says, “I have been extremely impressed by TradeCard’s complete commitment to their customers. TradeCard has given us a solution that is flexible enough to meet our needs as a large company who has to communicate with many different parties such as customers, vendors, our own factories, and logistics and financial institutions across multiple countries. Our aim is for TradeCard to be the standard for the vast majority of our business.”
Adds Eleni Wang, president and COO, Tristate: “The increased visibility into transactions that we gain through TradeCard helps us to achieve an important strategic goal: to ensure that our factories receive the right goods in the right quantities at the right time. This is absolute key in our ongoing effort to optimize purchasing and manufacturing operations.”
“We feel privileged to be able to work closely with Tristate Holdings, a company that is a clear leader in its field and a pioneer in applying the latest supply chain technology,” adds Kurt Cavano, chairman and CEO, TradeCard. “The apparel industry is a strategic vertical for us and by bringing all aspects of Tristate’s trade business online with TradeCard, we have set a clear precedent for the wide array of benefits both financially and in process efficiencies that can be achieved through full automation of financial supply chain processes in this important global industry.”
TradeCard, the leading financial supply chain services provider, is revolutionising global trade with a web-based platform that automates the financial processes in supply chains that have been plagued with decades-old paper-based solutions. By using TradeCard, buyers and sellers can manage their transactions with complete visibility to initial orders through final settlement. TradeCard’s global network of partners provides additional automated services on the platform including supply chain financing, credit protection, money movement and inspection. In addition to process improvements, customers realise immediate cost savings, optimised cashflow, reduced reliance on credit lines and improved supply chain relationships.