Trade Finance

Feb 06, 2008 (LBO) – Sri Lanka’s NDB Bank says it has linked up with US-based TradeCard Inc to provide import and export financing services that will cut transaction costs, especially in the apparel sector. “Partnering with TradeCard enables us to electronically deliver more trade financing options to our customers in Sri Lanka, NDB Bank chief executive Nihal Welikala said in a statement.

TradeCard, Inc. is provider of on-demand supply chain management solutions which allows customers to automate trade transactions from purchase order to payment and chargebacks.

Using the platform buyers, sellers and their trading partners can manage transactions through a web-based platform with online financial services integrated into the workflow.

TradeCard enables sellers to request financing online and allows the financing bank to view transaction documentation electronically which the company says will improve speed and efficiency in the financing process.

The service is targeted at the apparel sector, which is linked to global supply chains.

“The TradeCard Platform provides NDB Bank with a competitive advantage over other banks in the market,” says Trade Card chief executive Kurt Cavano.