---Leads Industry in Offering Complete Online Financial Supply Chain
NEW YORK, April 10, 2002 - JPMorgan Treasury Services, www.jpmorgan.com/ts, a unit of JPMorgan Chase (NYSE: JPM) and a leader in global payment, trade finance and treasury services management, today announced that it would be the first financial institution to offer a white-label version of the TradeCard technology platform to its corporate and financial institution clients. The new JPMorgan offering enables buyers and sellers to initiate, conduct and settle transactions completely online, thus greatly enhancing the customers' financial supply chains. This service will be available in the Americas, Europe and Asia.
By utilizing the new service, JPMorgan clients will be able to access a hosted document management and financial settlement platform available via the Web or integrated into their back office system. The offering enables: visibility into the financial processes and sharing of information for all parties in a transaction; a workflow engine to trigger and record tasks of all approved parties; and a range of transaction types for settlement including an open account alternative, a letter of credit alternative, and invoice presentment. A patented data compliance engine compares procurement and fulfilment documents managed by the platform, enabling a payment decision and settlement. A network of almost 100 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.
JPMorgan will be able to provide its Trade services through a visible online environment and deepen relationships with the buyer and seller in each transactional chain through the provision of complementary financial services. JPMorgan's unique ability to deliver TradeCard functionality to its customers via its proprietary client access system will allow the Bank to bring a truly innovative approach to international trade.
"With this platform, our customers will have greater visibility into their trade transactions than they do today," said Paul Simpson, head of Global Trade Services for JPMorgan Treasury Services. "The strength of this financial supply chain solution and our ability to offer other JPMorgan products will provide clients with an excellent set of tools that can increase their trading efficiencies and help reduce transactional costs."
"JPMorgan gets it," says Kurt Cavano, Chairman and CEO of TradeCard, Inc. "They understand that helping their customers achieve full end-to-end integration with their suppliers will extend their relationships and enable JPMorgan to have an opportunity for additional business. It's an arrangement that works well for both parties. JPMorgan will leverage our patents, our significant investment in technology, and our growing network of trade services providers. TradeCard will leverage JPMorgan's recognized brand, network of correspondent banks and its customer base."
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