MERCANTIL COMMERCEBANK, N.A. TO PROVIDE OPEN ACCOUNT PLATFORM SERVICES IN THE AMERICAS THROUGH TRADECARD
Open Account Settlement and Pre- and Post- Export Financing Will Provide a Competitive Advantage for Corporate Clients in the Region
MIAMI, February 11, 2008 - TradeCard Inc., the leading provider of extended supply chain solutions, announced today that Mercantil Commercebank, one of the largest privately held banks headquartered in South Florida, will offer enhanced financial trade services for corporate clients in the Americas by providing open account transactions through a white label version of the TradeCard Platform. Mercantile Commercebank will offer services to settle and finance open account portfolios, reduce transaction costs, and improve transaction visibility, through the TradeCard Platform.
Automation through TradeCard will enable Mercantil Commercebank to rapidly and accurately handle data from multiple parties and process invoices and purchase orders seamlessly, without manual matching and consolidating. Open account transactions also eliminate processes and service fees that accompany traditional trade instruments.
"Joining TradeCard's extensive network of buyers, suppliers, and service providers strategically positions us to provide innovative services to our customers, including open account settlement and export financing," said Blas Betancourt, Executive Vice President Global Corporate Division at Mercantil Commercebank. "We will be able to service our clients' portfolios and offer new services with minimal risk."
The agreement enables Mercantil Commercebank to meet growing demand for innovative supply chain finance services in the Americas as numerous industries and companies take advantage of recently passed Free Trade Agreements.
"Companies that source today seek a more collaborative trading platform that offers flexibility and is less costly than traditional bank products," said Kurt Cavano, CEO of TradeCard, Inc. "Mercantil Commercebank is bringing innovative online trade services into the region that will play a key role in the rapid growth of trade in the Americas as companies leverage the recently ratified CAFTA and long standing NAFTA agreements."
Financial services available on the TradeCard Platform help companies of all sizes to better compete by improving margin and cash flow. TradeCard's hosted model and global support team enable rapid deployment in as little as 45 days. TradeCard provides a rapidly deployed value network that connects more than 3,000 buyers, suppliers and service providers. TradeCard helps clients that range from $10 million to over $20 billion in revenue to transform the supply chain into a value chain by eliminating waste and delay from the sourcing process.
About Mercantil Commercebank
Mercantil Commercebank is one of the largest privately held banks in South Florida serving its community for over 25 years. The Bank is a subsidiary of Mercantil Commercebank Holding Corp., which in turn is owned by Mercantil Servicios Financieros, the largest provider of financial services in Venezuela, with more than 80 years of experience. Mercantil Commercebank has assets of $5.5 billion. The Bank is headquartered in Coral Gables, Florida, and has thirteen Banking Centers in South Florida; one in Manhattan, New York; and one in Houston, Texas. Mercantil Commercebank offers a wide variety of domestic, international, personal, and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit http://www.mercantilcb.com
About TradeCard
TradeCard, Inc. is the leading provider of on-demand supply chain management solutions. The TradeCard Platform synchronizes financial transactions with physical events in the global supply chain to help customers automate trade transactions from purchase order to payment and chargebacks. Buyers, sellers and their trading partners manage transactions through a web-based platform with online financial services integrated into the workflow. This turnkey transaction management enables customers to improve margins and enhance growth, with extra-organizational supply chain visibility. TradeCard's on-the-ground trade experts throughout the world assure superior supply chain agility.
TradeCard manages global trade for thousands of users in over 40 countries, including Columbia Sportswear, Rite Aid and Wolverine Worldwide. TradeCard Inc. is headquartered in New York City and has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Colombo, and Shenzhen. TradeCard is located online at www.tradecard.com.
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