ACI Worldwide has set its sights on the mushrooming market for online trade finance and payment related solutions with an agreement to distribute VistaTrade, a Web-based trade finance system developed by Xytec International.
VistaTrade is designed to support the trade finance activities of banks, Bolero service providers, and corporations with heavy trade activities. The product is written in Java and uses a component-based, three-tiered, thin-client architecture.
The two companies say they will integrate VistaTrade with ACI's PaymentWare B2B e-commerce solutions for bulk and high-value payment processing, providing users with a complete, Web-based trade finance and payment processing solution.
Dennis Jorgensen, chief executive officer for ACI Worldwide's corporate banking unit says trade finance is a resource intensive environment where it is estimated that more than $300 billion is spent annually on administering paper-intensive processes.
He continues: "Xytec's VistaTrade product uses the power of Internet technology to automate the trade finance environment at a level that creates value for the user. By integrating ACI's PaymentWare with VistaTrade, we further automate the process and increase the level of straight-through processing a financial institution can achieve in its payment operation."
Michigan-based Xytex currently claims 20 VistaTrade customers worldwide.