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Members of trade transaction network to access testing, inspection services online
NEW YORK, July 13, 2000 - TradeCard, Inc., an online network that facilitates the fulfillment and settlement of cross-border trade transactions, today announced a partnership with Intertek Testing Services (ITS), the world's largest product and commodities testing organization. The partnership will provide TradeCard members online access to ITS' testing, inspection and certification services and the "e-ITS" e-commerce initiative through www.trademark.com.
"International trade, like all other sectors of the global economy, is leveraging the power of the Internet to become more efficient, profitable and robust. Therefore, it is critical that inspection service providers, who traders have historically relied upon, understand and keep pace with traders' e-commerce strategies," said TradeCard Chairman and CEO, Kurt Cavano. "ITS understands this, offering international traders critical goods inspection services and providing a trusted foundation for quick and efficient trade transactions made possible by the Internet."
ITS awards "ITS Tested" and "ITS Inspected" seals to suppliers in over 85 countries around the world whose products meet ITS' standards of quality. The e-ITS initiative takes the company's mission to the web, approving suppliers and certifying products traded online. This suite of services is ideally suited to the needs of TradeCard members, who transact online both through one-on-one relationships and online marketplaces. In either type of trading relationship, international testing services are required by the growing ranks of online traders to provide the confidence and quality product assurance when trading with frequently unknown trading partners overseas.
"The vision of e-ITS is to be the premier business-to-business inspection and testing service for importers and exporters around the world," said John Kupsch, President of ITS Labtest e-Business. "With our strong network in over 85 countries throughout the United States, Asia and Europe, we can provide TradeCard members the quality testing services they require with the uncompromising standards they demand."
How TradeCard Works
In order to use TradeCard's patented transaction system, buyers and sellers must first become approved TradeCard members by completing an online application. To begin a transaction, the buyer creates a purchase order containing the transaction's terms and conditions. This purchase order can be created directly on the TradeCard system, or sent via electronic file from a company's ERP system or an online marketplace.
TradeCard stores the purchase order on its secure, proprietary database, and notifies the seller that an order is pending. The seller can either approve the purchase order electronically, or can negotiate the order with the buyer online. Once both parties have agreed on the terms of the purchase order, it becomes a purchase contract.
At the time of shipment, the seller populates an invoice and packing list on the TradeCard system using either TradeCard's pre-populating tools, or by means of an electronic file. At this point the seller may obtain assurance of payment from a third-party credit insurer. If the order requires inspection, the inspecting party submits an inspection certificate. At the time of delivery, a third-party logistics provider submits the incoterm-appropriate proof-of-delivery documents. At any time during this fulfillment phase, either party can submit a request for amendment to the purchase order that will only be effective upon the electronic approval of both parties.
Once all the required documents have been submitted, TradeCard's patented compliance engine automatically verifies that all required terms of the transaction are met by comparing the data of the purchase order with the commercial invoice, packing list and proof-of-delivery documents. If discrepancies are noted, the buyer and seller can resolve them online.
Once discrepancies, if any, are resolved and compliance is met, a global payment provider electronically transfers funds from the buyer's financial institution to the seller's financial institution, settling the transaction. If necessary, foreign currency exchange services can also be obtained from the global payment provider. TradeCard is an open network; buyers and sellers are not required to open new accounts with other financial institutions. TradeCard and its global payment provider work with buyers' and sellers' existing account relationships.
In addition to these core features, TradeCard members can contract for inspection services, and will be able to contract for pre- and post-export financing, cargo insurance and other value-added services.
About TradeCard
TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. By aggregating buyers, sellers and disparate trade service providers, our solution automates and streamlines existing international trade transaction processes, which are complex, paper-based, time-consuming and expensive. Our objective is to make our secure, reliable, cost-effective and easy-to-use solution the industry standard for conducting and settling international trade transactions.
TradeCard, Inc. is headquartered in New York City with offices in Hong Kong, and can be found on the World Wide Web at http://www.tradecard.com.
About ITS
Intertek Testing Services Ltd. (ITS) is the world's largest product and commodities testing organization operating 228 laboratories and 459 offices in 87 countries throughout North America, Europe and Asia. ITS provides pre-shipment inspections, risk analysis and management, product safety testing and certification, performance testing, and quality management systems registration for global clients in such industries as medical, HVAC, telecommunications, semiconductor, building products, chemicals, consumer durable goods, toys, textiles, footwear, petroleum products and power generating systems. For more information about ITS, companies can call 1-800-967-5352 or visit www.itsglobal.com.
