Tempe, AZ July 23, 2002 Athletic apparel giant NIKE has deployed global trade management solutions from Vastera in a bid to improve its Custom's compliance operation and boost collaboration with trading partners.
NIKE has already gone live with Vastera's TradeSphere Finance and Importer modules. TradeSphere automates the exchange of financial information between NIKE and its trading partners brokers, banks, and factories via the software's Web-native Collaborative Platform. Information exchanged includes letter of credit issuances and amendments, purchase orders, invoices and customs entry information.
Vastera said that automation in TradeSphere enhances Nike's ability to validate and verify key information for an import transaction.
"Being able to import goods with predictability from our suppliers and manage the associated financial settlement process effectively is critical to our success as a global company," said Gordon Steele, chief information officer and vice president of information technology at NIKE. "By utilizing TradeSphere, Vastera's integrated solution for global trade, we have been able to enhance our Customs compliance operations through automation, collaborate effectively with trading partners, and ensure timely and accurate payment to our suppliers."