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Inspection services to be provided to members of online trade transaction network
NEW YORK, May 3, 2000 - TradeCard, Inc., a global online trade transaction company for importers and exporters, today announced an alliance with SGS Societe Generale de Surveillance S.A. to provide TradeCard members access to SGS rating and inspection services as they conduct cross-border trades.
The TradeCard/SGS alliance will place SGS among the key TradeCard partners who provide value-added services in the areas of trade financing, inspection and logistics. Members who choose SGS to provide inspection services will also benefit from SGS's new SGSonSITE vendor rating program, which provides confidence to buyers with a series of graded rating "seals" on vendor companies based on their quality assurance/quality control capabilities. Those who access SGS inspection services through TradeCard will pay competitive rates for these services.
"The Internet is enabling buyers to find new suppliers and suppliers to find new buyers at accelerating rates. As these new relationships form, independent "trust" providers such as SGS help facilitate the transactions. By combining TradeCard's transaction settlement solution with the rating and inspection services of SGS, TradeCard members can be confidendemand," said Kurt Cavano, Chairman and CEO of TradeCard.
Hal Loevy, Vice President Global Marketing & Partnerships for SGS said of the alliance: "SGS's alliance with TradeCard is a natural fit, and we're looking forward to providing our SGSonSITE services to TradeCard's members. Our commitment to quality assurance has been our core focus for over a hundred years. Our new SGSonSITE rating system enhances this focus by bringing confidence to online B2B transactions."
How TradeCard works
Before using TradeCard's patented transaction system, buyers and sellers must become approved members of TradeCard by completing the online application.
When a buyer and seller agree to enter into a trade transaction, the buyer creates an electronic purchase order. The buyer and seller can then negotiate this purchase order online. TradeCard stores the draft purchase order on its secure, proprietary database, and notifies the parties via email as changes are made to the draft document.
Once the buyer and seller agree upon the terms of the purchase order, they finalize logistics details and execute the purchase order by electronic signature.
Using the purchase order data already in the TradeCard system, the seller creates a commercial invoice and packing list. Then, the seller receives an electronic notification of payment assurance, and an approved logistics provider creates proof of delivery documentation, which both parties can view through the system.
Our patented compliance engine automatically verifies that all required terms of the transaction are met by comparing the purchase order with the commercial invoice, packing list and proof of delivery documents. If discrepancies are noted, the buyer and seller can resolve them online.
Once compliance is met, TradeCard instructs a global payment provider to electronically transfer funds from the buyer's financial institution to the seller's financial institution, settling the transaction. If necessary, foreign currency exchange services can also be obtained from the global payment provider.
In addition to these core features, TradeCard members can contract for inspection services and will be able to contract for cargo insurance and other value-added services.
TradeCard Mission
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 make our secure, reliable, cost-effective and easy-to-use solution the industry standard for conducting and settling international trade transactions.
TradeCard, Inc. is headquartered in New York City with offices in Hong Kong, and can be found on the World Wide Web at http://www.tradecard.com.
About SGS
SGSonSITE acts as an independent third party that is able to rate suppliers and verify the quality of the goods being traded. Through its parent company, SGS Societe Generale de Surveillance (CHF: SGSI), SGSonSITE leverages a global network of inspectors and more than 120 years of experience in global trade risk management. By building trust through SGSonSITE's services, online traders are creating an enabling trade environment that helps eCommerce reach its full potential. Visit our website at www.sgsonsite.com.
