30 JUNE 2003 - NEW YORK - JPMorgan Treasury Services, www.jpmorgan.com/ts, a unit of JPMorgan Chase and a leader in global payment, trade finance and treasury management, today announced a unique relationship with Vastera, Inc. (Nasdaq:VAST) to deliver comprehensive Global Trade Management (GTM) solutions covering physical and financial supply chain management to facilitate more efficient corporate trade activity on a global basis.
Vastera's solutions automate the required GTM processes associated with moving goods across international borders. These solutions electronically ensure companies comply with country-specific trade regulations, manage duties, taxes, and fees that generate international shipping documents, collaborate with trading partners, and provide many other global logistics functions.
"We are excited to announce this new alliance with Vastera, which spans the spectrum from software to fully outsourced services. This forms part of our Value Chain Management business model, to offer an end-to-end solution to our clients," said Paul Simpson, Global Trade, Procurement and Card Services Business Executive for JPMorgan Treasury Services. "The Vastera offering provides a completely complementary service to our suite of financial supply chain services and we are confident that we can remove significant costs and enhance efficiencies for our clients."
The new combined offering will provide clients with a comprehensive solution to address the increasing complexity of moving goods across international borders through the management of information to support compliance, logistics, finance and settlement. According to Brookings Institute, "The cost of slowing the delivery of imported goods by one day could amount to $7 billion per year." The combined services of JPMorgan and Vastera can assist clients in creating additional efficiencies throughout their supply chains while potentially reducing shipment delays and exposure to potential fines.
"Our relationship with JPMorgan helps us to provide our clients with increased value through reduced cost and improved inventory and cash cycle times," said Mark Ferrer, President and CEO of Vastera. "Working with JPMorgan Treasury Services aligns Vastera with a global leader in treasury management and trade finance. The combined service offerings provide clients with unique supply chain management capabilities and a significant competitive advantage."
JPMorgan is a leader in providing innovative technology solutions in global trade services. The firm's traditional trade banking products are enabled by world-class internet products for trade origination, global inquiry capability and document preparation tools. JPMorgan also supports electronic transaction settlement through Bolero.Net and its JPMorgan TradePartner initiatives.