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NEW YORK, August 29, 2000 - TradeCard, Inc., the online trade transaction network, today announced an alliance agreement with Fritz Companies, Inc., a global, integrated logistics company, to provide online logistics services to buyers and sellers using the TradeCard system to import and export goods internationally.
Specifically, this partnership will allow buyers who have negotiated for the purchase and shipment of goods on the TradeCard system to also obtain Fritz logistics services through TradeCard. In addition, Fritz will play a key role in TradeCard's patented compliance process: Fritz will check the shipment and electronically submit proof of delivery documents to TradeCard that will be compared to the original purchase contract by TradeCard's patented compliance engine. If these documents are in compliance, TradeCard's global payment provider will transfer payment for the shipment from the buyer's account to the seller's account. In the event the documents are not in compliance, the buyer and seller can negotiate the discrepancies online.
"We are delighted to have Fritz as a partner - they are a perfect compliment to our e-commerce model" said Kurt Cavano, Chairman and CEO of TradeCard, Inc. "The TradeCard/Fritz alliance brings yet another key component of international trade - logistics - into TradeCard's suite of services, allowing buyers and sellers to remain online for the duration of their transaction, from purchase order to payment, improving efficiencies, and saving money and time."
Currently, bundled business-to-business fulfillment and settlement tools are virtually non-existent on the Internet. Businesses can connect on the web, but they cannot complete their international e-commerce transactions without dropping offline. TradeCard aggregates the trade service providers critical to online trade transactions such as global payment and exchange services, credit scoring and assurance of payment, rating and inspection services, pre- and post-export financing. TradeCard's agreement with Fritz Companies enhances this network by providing the integrated global logistics services that buyers and sellers need to make shipping arrangements and track their goods in transit.
"Fritz Companies' primary focus is providing our customers with the best and most efficient logistics and value-added services available," said David Williams, Fritz Companies Customs and Compliance Board Chairman. "Our partnership with TradeCard furthers this strategy by delivering an e-commerce network to our customers that gives them the tools they need to be successful," he concluded.
How TradeCard Works
In order to use TradeCard's patented transaction system, buyers and sellers must first become approved TradeCard members. To begin a transaction, the buyer creates an electronic purchase order in one of three ways: through the TradeCard system using its contract templates, via electronic file from a company's ERP system, or from an online marketplace. TradeCard then notifies the seller that there is a purchase order pending for review. The buyer and seller can further negotiate the purchase order online. Once they agree to the terms, both buyer and seller authorize the purchase order with digital signatures.
TradeCard stores the approved purchase order in its secure, proprietary database. Once the goods are shipped and the required documents are electronically submitted, an assurance of payment is attached to the purchase order, ensuring that the seller will receive payment upon receipt of goods if terms are met. TradeCard's patented compliance engine then electronically compares the data from the electronically submitted shipping documents to the original purchase order. If discrepancies are identified, the buyer and seller can negotiate them online. Once compliance is met, payment is transferred electronically from the buyer's financial institution to the seller's financial institution.
In addition to these core transaction features, TradeCard members can contract for pre- and post-export financing, inspection services, 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 provide a secure, reliable, cost-effective and user-friendly solution for conducting and settling international trade transactions.
TradeCard, Inc. is headquartered in New York City with branch offices in Hong Kong and Taiwan, and can be found on the World Wide Web at http://www.tradecard.com.
About Fritz Companies/TMS Fritz Companies, Inc. (NASDAQ: FRTZ) is a specialist in global integrated logistics. Fritz delivers comprehensive supply chain solutions to its customers worldwide by providing flexible door-to-door transportation and materials management using sophisticated information systems. Emphasis is placed on simplifying processes and reducing overall transportation costs. The Fritz network is composed of highly trained professionals working in more than 400 locations in 120 countries. Additional information is available via the Internet: www.fritz.com
