New TradeSphere technology to enhance logistics, compliance capabilities for cost and time savings to global traders
Dulles, VA — January 25, 2006 — JPMorgan Chase Vastera, a provider of solutions for global trade management (GTM), has announced the availability of TradeSphere Exporter 8.1, TradeSphere Importer 3.5 and TradeSphere Restricted Party Screening 2.4. The newly updated suite of Web-based software applications is expected to enhance international shipping and trade compliance functionality, enabling exporters and importers to receive greater cost and time savings associated with the cross-border movement of goods.
JPMorgan Chase Vastera said TradeSphere helps companies manage the information required to trade globally, enhancing the efficient exchange of information and goods among extended members of a client's global trade network. Components of TradeSphere include automated shipment documentation, export and import compliance, customs entry filing, and restricted party screening.
TradeSphere Exporter 8.1 features upgraded export management and compliance capabilities. This all-Java version includes enhancements in the areas of restricted party screening, export determination and resolution, invoice consolidation, license management, and content logging. Country support has been upgraded for China, India and Singapore. TradeSphere Exporter also features enhanced Canadian export compliance capabilities and better processes for export declaration generation and encryption report submission.
JPMorgan Chase said TradeSphere Importer 3.5 provides a framework to monitor, manage and audit all phases of the U.S. importing process, as well as entry management capabilities to an importer before, during and after the filing process. TradeSphere Importer 3.5 allows the user to manage purchase orders, commercial invoices and broker entries through a single module. The software's newest functionality provides tools for post entry management to help with post entry filings and liquidation processing.
Finally, TradeSphere Restricted Party Screening (RPS) 2.4 provides screening technology and multi-list management to help prevent illegal domestic and international transactions. JPMorgan Chase Vastera said automation of restricted party screening facilitates compliance with government law and eliminates risk of transacting with denied parties, which can result in financial penalties, imprisonment and, in some cases, loss of a company's privilege to export. The provider currently automates screening of over 57,000 restricted names on over 40 distinct entity lists.
Additional Articles of Interest
- — For more information on the global supply chain, with a focus on security issues, see "Building the Secure Supply Chain," the Net Best Thing article in the June/July 2003 issue of iSource Business (now Supply & Demand Chain Executive).