State Street launches Internet trade finance system

State Street launches Internet trade finance system

State Street has launched i2eX, a new Web-based import/export trade management platform.

State Street Open Account Trader, the first core product delivered through i2eX, offers electronic document management and provides vendors and buyers with data matching and decision-making aids, pre and post-export financing, and approval/shipment acceptance, while serving as a central database for reporting and interface to other systems.

The first customer on the system, Boston-based New Balance Athletic Shoe says Open Account Trader has dramatically improved overall trade payments management. "The old world of letters of credit has disappeared," says Alan Rosen, New Balance VP and group controller. "Open Account Trader lets us transact trade with our vendors electronically from all of our global locations. We get immediate access to shipping documents and accept transactions online."

"E-technology has made it possible to bring all participants in a trade transaction together in a virtual community," says Sandy Andrews, State Street senior vice president. "By doing so, the quality and speed of information flows is improved in ways which allow buyers, sellers, financial intermediaries and logistics providers to achieve unheard of efficiencies in the way they process, settle and finance trade transactions."

State Street's i2eX platform is supported by its network of global trade offices in Boston, London, Los Angeles, Hong Kong, Taipei, Sydney, Melbourne, and Tokyo.

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