New York April 11, 2002 JPMorgan Treasury Services, a unit of JPMorgan Chase that does global payment, trade finance and treasury services management, announced that it is going to offer a white-label version of the TradeCard technology platform to its corporate and financial institution clients.
According to the company, the new offering enables buyers and sellers to initiate, conduct and settle transactions completely online. JPMorgan clients can access a hosted document management and financial settlement platform available via the Web or have it integrated into their back-office system.
Additionally, the technology offers visibility into financial processes, information sharing, a workflow engine and a range of transaction types for settlement. A patented data compliance engine compares procurement and fulfillment documents managed by the platform, enabling a payment decision and settlement. Also, a network of almost 100 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.
Paul Simpson, head of global trade services for JPMorgan Treasury Services, said that with the TradeCard technology platform the company's customers are going to have greater visibility into their trade transactions than they do today. "The strength of this financial supply chain solution and our ability to offer other JPMorgan products will give clients an excellent set of tools that can increase their trading efficiencies and help reduce transactional costs."
This service will be available in the Americas, Europe and Asia.
