TradeCard and IPACS Alliance Combines Online Trade Transaction, Logistics Services

Business Wire, Oct 30, 2000

Business Editors

NEW YORK & SINGAPORE--(BUSINESS WIRE)--October 30, 2000

TradeCard, Inc., an online trade transaction company that enables settlement of cross-border trading securely over the Internet, today announced an alliance with IPACS, Singapore's leading IT/e-Commerce solutions provider. This alliance will provide TradeCard members direct online access to global logistics services through IPACS' logistics service hub - d2dLogistics.com.

By combining the core competencies of TradeCard and d2dlogistics.com, members of both networks will be able to track their trade transactions as well as access logistics companies, which can track the status of the shipments themselves completely online through a web browser. There will be no added linkage fee for TradeCard members accessing logistics service providers through d2dlogistics.com, and all d2dlogistics.com service providers will be able to technically support TradeCard transactions.

"As we expand operations throughout Asia, TradeCard forges alliances with strong partners who provide both valuable services to our members as well as regional expertise," said Kurt Cavano, TradeCard's Chairman and CEO. IPACS provides our members a wide range of logistics options and services through d2dlogistics.com, offering direct access to not only the Singapore market, but to other key Asian markets where the bulk of international trade is done."

Mr. Wong Sing Lam, Chairman of IPACS Group of companies, added that: "TradeCard and d2dlogistics.com are up-and-running networks whose integrated, complimentary transaction and logistics solutions are going to greatly improve the efficiency with which international trades are both conducted and tracked."

Currently, businesses can initiate trade transactions online, but they cannot complete them without dropping offline to settle them in traditional, paper-based and time-consuming ways. TradeCard provides a powerful online alternative to this timeworn system of trade payment by aggregating trade service providers critical to online trade transactions such as global payment and foreign exchange services, credit scoring and assurance of payment, rating and inspection services, and pre- and post-export financing. TradeCard's agreement with IPACS enhances this network by providing TradeCard members access to d2dlogistics.com's network of freight forwarders, transport companies, warehouse operations and other logistics service providers. These services are integral to ensuring the actual movement of goods within a trade transaction.

How TradeCard Works

In order to use TradeCard's patented transaction system, buyers and sellers must first become approved TradeCard members. To begin a transaction, the buyer creates an electronic purchase order in one of three ways: through the TradeCard system using its contract templates, via electronic file from a company's ERP system, or from an online marketplace. TradeCard then notifies the seller that there is a purchase order pending for review. The buyer and seller can further negotiate the purchase order online. Once they agree to the terms, both buyer and seller authorize the purchase order with digital signatures.

TradeCard stores the approved purchase order in its secure, proprietary database. Once the packing list and invoice have been created and authenticated by the seller, an assurance of payment is attached to the purchase order, confirming the amount of coverage on the shipment, and ensuring that the seller will receive payment upon compliance up to the assured amount. TradeCard's patented compliance engine then electronically compares the data from the electronically submitted shipping documents to the original purchase order. If discrepancies are identified, the buyer and seller can negotiate them online. Once compliance is met, payment is transferred electronically from the buyer's financial institution to the seller's financial institution.

In addition to these core transaction features, TradeCard members can contract for pre- and post-export financing, inspection services, cargo insurance and other value-added services.

How d2dLogistics.com Works

d2dLogistics.com is a logistics service hub which offers end-to-end, business-to-business services for the trading of logistics services through a real-time, online digital marketplace system. Targeting at shippers, consignees, 3rd party logistics service providers, freight forwarders, shipping lines, airlines and e-Commerce communities, d2dLogistics.com enables its members (logistics service providers and logistics service users) to track its order and shipments status, monitor its inventory, fulfill its logistics requirements, exchange trading and shipping documents, and settle its billing and payment electronically. At the same time, it also has a comprehensive ASP model with a full suite of IPACS' Transportation and Logistics solutions for supply chain execution. All these services are offered through subscription. In addition, d2dLogistics.com also provide its customers with total e-Commerce solutions and platform should they decide to implement their e-Commerce solution internally.