S1 Corporation is shipping a new trade finance purchase order system initially developed in conjunction with Bank of America.
The S1 Pops package, which is now live at Bank of America, offers a single Web-based system for processing purchase order data for trade finance corporate customers, from smaller direct access clients to large volume customers interacting via electronic data interchange (EDI).
The application speeds up the document payment process by automatically comparing shipping documents with orginial purchase orders and then reporting payment and shipment information, as well as any discrepancies, back to the corporate customer.
Dan Scanlan, head of trade product management, Bank of America, says: "By implementing S1 POPS, we are able to provide our customers with end-to-end processing along the financial supply chain. It is a completely open system that allows customers and their trading partners to link with the bank."
The system can be run independently or with S1's trade finance platform.