Bank of Montreal signed on as a preferred financing partner for international trade transactions processed by the TradeCard trade settlement network.
TradeCard provides a third party mechanism to perform purchase order compliance and ensure payments for goods bought internationally.
“We are extremely pleased to align ourselves with TradeCard,” said Peter Wren, managing director, Trade Finance, Bank of Montreal. “The company is taking a 500 year-old process and bringing it into the 21st century. For buyers and sellers, TradeCard is electronically automating all the documentary
data required in a global trade transaction and then settling payment upon compliance.”
Working capital financing is used by sellers who need capital to finance pre-and post-shipment component of the trade while the buyer may need access to post-import capital following settlement. Bank of Montreal would selectively provide these services, thus enabling companies to more easily facilitate their global business.
Kurt Cavano, CEO of TradeCard, Inc. said that instead of becoming disintermediated from their customer base, the bank has chosen a path that will let them play in the e-commerce space, potentially increase their international trade market share, and add value to existing and new clients.
Through partnerships with General Electric, the World Trade Centers Association and other international trade services partners, TradeCard is establishing a one-stop electronic commerce service for the world’s leading importers and exporters.