Broomfield, CO August 8 2001 GlobalCommerce today announced the release of GlobalCommerce TradeServer, a software product allowing financial institutions to integrate their payment and risk management services into commercial customers' financial supply chains. TradeServer automates cost intensive financial supply chain processes, from a buyer's initial order through to the reconciliation and payment to the seller.
TradeServer reduces a business' time spent moving orders to payment and handling disputes, reducing transaction costs and increasing the time spent on more value-added activities; and it manages online financial transactions from order to pay, so buyers spend less time on exception and case management while suppliers improve receivables visibility. In addition, TradeServer helps improve the invoice discount capture rate and working capital position for the buying organization. TradeServer claims to be able to eliminate $10 to $20 of cost from every buyer's order to pay transaction, as well as generate new fee-based revenues to enhance the delivery of financial products and services through the online channel.
"Today, financial transactions between buyers, sellers and financial institutions are too paper-intensive, cumbersome and time consuming. And like the development of the e-procurement market, order-to-pay solutions will experience slow adoption until corporate buyers can control their complex business processes, explains John Hake, president and CEO of GlobalCommerce. TradeServer is built with the corporate buyer in mind, enabling banks to extend services to AP and corporate treasury management organizations."
GlobalCommerce will initially work with a limited number of financial institutions to deploy TradeServer for use by their corporate customers.