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NEW YORK, May 4, 2001 - TradeCard, Inc., an online financial supply chain services provider, and the World Trade Centers Association (WTCA), the world's largest international trading association, jointly announced an agreement today that will enable World Trade Centers around the world to sell and market TradeCard's services.
This agreement enhances trading opportunities for the 750,000 companies served by World Trade Centers by enabling them to initiate, negotiate and settle trade transactions online in a secure, cost effective environment.
Guy Tozzoli, President of the World Trade Centers Association, said, "TradeCard offers a digital workspace where all players involved in a trade transaction can come together to share data and make decisions on their transactions. World Trade Centers, as centers of excellence for B2B e-commerce, now have another powerful tool to offer importers and exporters as they help them to find new markets and trading partners. This kind of transaction management and financial settlement system has never been available before online. By offering the TradeCard system, World Trade Centers can now enable companies in the cities and regions they serve to conduct cross-border and domestic transactions faster and easier than ever before. They will be able to save time and money. TradeCard and the WTCA are a perfect fit."
An alternative to traditional paper-based and labor-intensive trade settlement methods that require buyers and sellers to operate offline, the TradeCard system enables importers and exporters along with logistics providers, inspection companies and financing institutions to complete their entire transactions online through a secure network for a low flat fee. TradeCard's patented compliance engine electronically checks that actual shipment data matches the original purchase contract data agreed upon by the buyer and seller, which in turn automates and streamlines the entire process.
Kurt Cavano, Chairman and CEO of TradeCard, said, "Both the WTCA and TradeCard recognize the value of trade and the focal role it plays in the world economy. By integrating the world's largest trading with the latest in international trade collaboration, fulfillment and settlement technology, we are equipping international traders with the tools they need to maximize their business potential."
How TradeCard Works
TradeCard provides a range of financial workflow options supporting both cross-border and domestic trade transactions. These choices are designed to meet customers' needs with respect to procurement, fulfillment, mitigation, payment, decision-making and settlement. TradeCard provides the benefit of a patented compliance engine, assurances of payment, money movement and access to logistics, inspection, insurance financing services. In addition, TradeCard enables all parties to a transaction to work in a collaborative decision-oriented workspace so the entire transaction can be tracked from purchase order to payment.
Typically, a buyer creates a purchase order and negotiates terms with the seller. In addition to standard terms, such as quantity and price, buyer and seller agree upon the extent of electronic data compliance to occur options such as assurance of payment. TradeCard's patented data compliance engine establishes a match at agreed upon level between shipping data and original purchase order data. If there is not a match, discrepancy is identified so the buyer and seller can resolve the issue, after which payment is queued for automatic processing or final approval by the buyer, who then decides how much and when to pay.
About TradeCard
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. TradeCard, Inc. is headquartered in New York City with offices in San Francisco, San Diego, Chicago, Hong Kong, Taipei, Seoul and London. TradeCard can be found on the World Wide Web at http://www.tradecard.com.
About the WTCA
The WTCA was established in 1970. It is a non-profit, non-political association that fosters the World Trade Center concept and develops inter-WTC cooperative programs. Through these activities the WTCA works towards its goal of establishing peace through trade. A World Trade Center brings together international businesses and government agencies under one roof in world-class facilities that act as economic development engines in their regions. WTCA membership includes over 300 World Trade Centers in 95 countries. Over 750,000 companies are serviced by World Trade Centers around the world. Visit the WTCA online at www.wtca.org.
