Scotiabank is to offer TradeCard's Trade Settlement System as part of its suite of electronic trade finance products and services for corporate customers.
Users will have access to online payment alternatives for international trade transactions and access to the TradeCard network, including trade service providers, such as freight forwarders, credit and cargo insurance, and inspection services.
The TradeCard network offers online document checking, payment assurances and credit facilities. Buyers and sellers complete electronic purchase orders online and keep track of their entire transaction through a single workflow view. Each party in a transaction is alerted to their particular responsibilities and required to complete that task before a transaction can continue.
Scotiabank's senior vice president, trade finance and correspondent banking, Tim Plumptre, says: "TradeCard allows importers and exporters to focus on their core business of buying and selling and spend less time on logistics related to the transactions."