ABN Amro extends private-label MaxTrad trade portal
14 October 2004 | 734 views | 0
Source: ABN Amro
Banking clients using the private-label version of ABN AMRO's award-winning trade portal, MaxTrad, are now able to offer an even broader range of services to their trade clients following the latest software release.
The latest version of MaxTrad incorporates Purchase Order Manager, a new tool that enables corporates to outsource open account processing. Whilst trade volumes continue to rise, the use of letters of credit is falling as corporates move to open account payment terms. Letter of credit standards require banks to examine invoices and other supporting documentation, however under open account, this burden falls to the corporate.
Purchase Order Manager streamlines this by facilitating approval of purchase orders and invoice comparison. It also provides value added functionality such as electronic discrepancy reports, images of documents related to the transaction, reconciliation and payment. It is completely flexible, enabling the choice of any or all the steps involved in the seamless electronic processing of a transaction.
For banks such as KeyCorp and Banknorth, which use MaxTrad on a private-labelled basis, Purchase Order Manager provides an immediate way to increase revenues in two key areas. Open account services are strongly demanded by corporates to streamline processing of payables, and facilitate regulatory compliance. Furthermore, it allows banks to extend their reach beyond the corporate by providing financing to its supply chain.
Purchase Order Manager features a customisable format, a variety of reports and customisation tools, an exporter module and e-mail alerts. It can fully integrate with users' back office and ERP systems with no disruption to their existing trade processes.
ABN AMRO is a founding member of SWIFT's Trade Services Advisory Group and has helped to develop the proposed Trade Service Utility (TSU) standards. Purchase Order Manager is already TSU compliant.