Korea Exchange Bank is to provide clients with online trade finance services through an agreement with financial supply chain solutions provider TradeCard.
The TradeCard system enables importers and exporters to initiate, conduct and settle their entire transactions over the Internet as well as apply for export financing. The company's patented data compliance engine checks that actual shipment data matches the original purchase order data agreed upon by the buyer and seller. Once data compliance is met, funds are electronically transferred from the buyer's account to the seller's account.
Kyung Lim Kim, president of Korea Exchange Bank, says: "The synergy of TradeCard's technology and our financing offer our customers a proven, efficient way to streamline their business processes and become more profitable."