JPMorgan first to white label TradeCard platform

JPMorgan first to white label TradeCard platform

JPMorgan Treasury Services is to be the first financial institution to offer a white-label version of the TradeCard supply chain platform to its corporate and financial institution clients.

JPMorgan clients signing up for the service will access a hosted document management and financial settlement platform available via the Web or integrated into their back office system. The service will be made available via the bank's proprietary client access channels in the Americas, Europe and Asia.

"With this platform, our customers will have greater visibility into their trade transactions than they do today," says Paul Simpson, head of global trade services for JPMorgan Treasury Services. "The strength of this financial supply chain solution and our ability to offer other JPMorgan products will provide clients with an excellent set of tools that can increase their trading efficiencies and help reduce transactional costs."

The offering enables: visibility into the financial processes and sharing of information for all parties in a transaction; a workflow engine to trigger and record tasks of all approved parties; and a range of transaction types for settlement including an open account alternative, a letter of credit alternative, and invoice presentment.

A patented data compliance engine compares procurement and fulfilment documents managed by the platform, enabling a payment decision and settlement. A network of almost 100 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.

Kurt Cavano, chairman and CEO of TradeCard, says the arrangement works well for both parties. "JPMorgan will leverage our patents, our significant investment in technology, and our growing network of trade services providers. TradeCard will leverage JPMorgan's recognised brand, network of correspondent banks and its customer base."

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