TradeCard Inc, the financial supply chain services provider, has announced that Hong Kong-based TAL Apparel Ltd (TAP Group), the world’s largest producer of dress shirts, is using TradeCard’s web-based global trade transaction platform to manage its global trade business with multiple customers and suppliers. Transactions run through the TradeCard system include raw material purchases from suppliers, and finished garment sales to customers globally. Through TradeCard, TAL Apparel’s trading partners gain online access to multiple financial institutions providing credit protection and export finance. TAL Apparel gains online access to multiple financing sources including its own banking partners and TradeCard’s service providers.
In order to improve business processes, TAL Apparel and TradeCard have jointly worked to integrate TradeCard with TAL Apparel’s current ERP system. This integration provides centralized access across multiple factories and countries to allow automation of the transaction process from purchase order management to payment. TradeCard’s proven trade transaction platform enhances the value of TAL Apparel’s existing in-house back office system by providing a single and automated interface to all of its trading partners as well as multiple financial institutions for credit protection and financing. With TradeCard, TAL Apparel’s trading partners and factories choose whether to integrate with TradeCard or access the platform through a simple web browser.
TAL Apparel, whose customers include globally recognised brands such as JC Penney, Brooks Brothers, Calvin Klein, Debenhams, Dillards, Giordano, Hugo Boss, and Liz Claiborne, is renowned for its record of innovations such as the company’s patent in seam technology for wrinkle-free shirts. The company is also well- known as an early adopter of leading edge technologies.
According to Harry Lee, managing director, TAL Apparel, TradeCard made it possible for companies throughout the TAP Group to be connected online in a fast and easy way providing leading edge technology. 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, internal factories, and financial and logistic institutions across multiple countries. Our aim is for TradeCard to be the standard for all our business.”
“We feel privileged to be able to work closely with TAL Apparel, a company that is a clear leader in its field and a pioneer in applying the latest supply chain technologies,” says Kurt Cavano, chairman and CEO, TradeCard Inc. “The apparel industry is a strategic vertical for us and by bringing all aspects of TAL Apparel’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 is a financial supply chain service provider and manages trade transactions from procurement through to settlement. The TradeCard solution aligns the documentary and financial requirements of a domestic or international trade transaction with the physical movement of goods, eliminating time-consuming and error-prone manual processes. By streamlining and enhancing the steps necessary for purchase order approvals, payment decisions and settlement, TradeCard provides a cost-effective, practical and patented service for financial supply chain management.
TradeCard can send and receive trade information and documents to and from any country in the world. Our money movement capabilities allow us to move money to any country that has a modern banking system. Our network of financial institution partners allows us to facilitate services such as payment assurance, cargo insurance and trade finance in many countries.
TradeCard, Inc is headquartered in New York City with offices in the San Francisco Bay Area, Hong Kong , Taipei , Seoul and Tokyo
TradeCard is a registered trademark in the United States and elsewhere throughout the world. TradeCard can be found at http://www.tradecard.com.
TAP was established in 1947 when its founder, CC Lee, started the very first spinning mill in Hong Kong . He subsequently set up a number of textile mills, some of which handled fabric finishing. In the late 1950s he extended the textile operations into garment making. In 1962 all of these operations were grouped under one holding company and merged with Jardine’s finishing mill to form Textile Alliance Limited (TAL). The group underwent reorganization in the 1980s and the garment manufacturing section split away from the other sections to form TAL Apparel Ltd. (TAP).
TAP was one of the first companies in the garment industry to adapt to using supply chain management (SCM) techniques. Using dedicated private networks, TAP has since the early 1990s been working closely with its customers on such SCM processes as sales forecasts, inventory management, production capacity scheduling, delivery and productivity. This led to a very successful relationship with JC Penney, and the two companies decided to become each other’s major partner. By mid-1995 TAP was able to replenish stock for JC Penney within one week from the date the order was placed-a significant reduction from its standard six-month turnaround.
With assets of more than US$500mn, TAP owns and operates garment manufacturing plants in China , Hong Kong , Indonesia , Malaysia , Taiwan , Thailand and Mexico . The company has approximately 20,000 employees. Its customers include department stores, specialty stores, branded labels, catalogue buyers and retailers throughout Asia , Europe and the United States . One out of every eight men’s dress shirts bought in the USA is produced by TAL.
For more information, please visit TAP’s website at www.tapgroup.com