TradeCard, Inc has decoupled the major components of its Financial Supply Chain Management System to create a “highly flexible modular product offering”. This strategic move will enable customers to use selected features on the global trade management platform instead of having to use the product to manage their entire trade transaction from purchase order to financial settlement. It will allow more companies to benefit from TradeCard’s proven trade management platform, which has been used to securely manage and settle international transactions since 1999 by some of the world’s largest companies, claims the company.
The previous system required TradeCard members to follow the complete transaction cycle, starting with purchase order execution with trading partners, moving on to matching and compliance, and completing the transaction with financial settlement. Customer feedback indicated that much value could be achieved by separating the individual components of functionality and enabling both buyer and seller to use these as needed. With the current version for example customers will be able to target areas of value such as creating a worldwide
In another major development, TradeCard members will be able to use TradeCard’s platform for document management with non-members enabling them to immediately roll out the TradeCard service to a greater number of trading partners.
“Unbundling the TradeCard platform is a classic example of listening to your customers. They asked to use our technology in additional ways we didn’t anticipate and we listened”, comments Kurt Cavano, chairman and CEO, TradeCard. “We now provide them the flexibility to use TradeCard in the areas of their business that cause the most pain and where there are gaps in their current technology that need to be addressed.”
The TradeCard platform was originally launched in March 2000 to automate large-dollar value cross-border transactions, considered the most complex trade transactions to conduct. In 2001, TradeCard expanded its cross-border payment service to a full suite of financial settlement products enabling buyers and sellers to track and settle virtually any type of domestic or international financial transaction in an automated, collaborative environment. The latest development further enhances TradeCard’s core competency of solving companies’ business challenges with respect to transaction procurement, fulfillment, risk mitigation, payments and settlement.
TradeCard is a financial supply chain service provider. TradeCard’s secure transaction infrastructure greatly reduces the inefficiencies and uncertainties found in traditional domestic and cross-border trade transaction 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.