Trade Finance Purchase Order Process System Released

Bank of America deploys Web-based solution

Atlanta  January 6, 2003  S1 Corp., an enterprise software solution provider to the financial services industry, today announced the introduction of the S1 Trade Finance Purchase Order Processing System (S1 POPS), which was jointly developed with Bank of America and has been implemented by that financial institution.

According to S1 Corp., S1 Pops performs global trade-related purchase order processing and tracking for a bank's trade finance customer base  from smaller customers that use its trade finance client-access system to its large volume customers that interact with the bank via electronic data interchange (EDI).

The provider explained that the system performs automated examination of shipping documents against the original purchase orders from the buyer/bankclient for letters of credit and open account transactions. The S1 POPS compliance engine also performs automated discrepancy and variance checking by comparing the purchase order data supplied by the bank's corporate customer with the shipment data entered by the bank's staff. The system then reports payment and shipment information, as well as any discrepancies, back to the bank's corporate customer.

S1 POPS' features include automated and custom reporting; automated compliance checking of invoice date against purchase order line items; rapid data entry capabilities for bank staff with easy-to-use grids; and control of data at the PO level, PO line or sub-line level.

"S1 POPS has fulfilled our need for a single, worldwide system for processing purchase order data for all of our trade finance customers," said Dan Scanlan, head of trade product management at Bank of America. "By implementing S1 POPS, we are able to provide our customers with processing along the financial supply chain. It is a completely open system that allows customers and their trading partners to link with the bank using the method and formats that they want to use, instead of the other way around."