FleetBoston Financial, the fifth largest provider of trade services in the US, is to use online fulfillment and payment services from TradeCard to service its trade finance customers.
The agreement gives Fleet's business customers an alternative payment solution for international trade transactions. Using TradeCard, the bank's customers will be able to initiate, conduct and settle international trade transactions online, 24 hours a day.
"Fleet has been issuing letters of credit since the 18th century," says Kurt Cavano, chairman and CEO of TradeCard. "This is one of the oldest and most effective mechanisms banks offer to ensure that buyers receive their goods and sellers receive their payment. With TradeCard, Fleet will be able to leverage its international expertise and provide customers with an online solution that helps them streamline and automate existing international processes."
TradeCard's network and data compliance technology takes the existing steps used to settle international trade transactions, such as document checking, payment assurances and credit facilities, and aggregates it into an online infrastructure. Buyers and sellers complete electronic purchase orders online and may keep track of their entire transaction through a single workflow view. Each party in a transaction is alerted to their particular responsibilities and required to complete that task before a transaction can continue.
Robert Johnson, EVP of Fleet's global trade and international cash management unit, comments: "By offering the TradeCard solution and the support behind it, we can give our customers the e-commerce edge they need to reduce the complexities and expense associated with cross-border trade. It also allows us to give our customers a new tool to efficiently navigate B2B exchanges."