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The TradeCard Financial Supply Chain Solution
Abstract
Online compliance and financial settlement engine was launched in 2000. TradeCard incorporated a number of partners into its service network: financial institutions, credit insurance, inspection and logistics companies. TradeCard quickly grasped market share in footwear and textile industries. TradeCard mainly serves buyers in the US and suppliers in Asia, but is expanding in Europe and transactions are supported worldwide. During the years 2000-2005 TradeCard’s business has been growing exponentially. TradeCard platform connects buyers, sellers, and service providers in an online environment, where they can manage the whole documentary process of international trade transaction quickly, visibly, and cost-effectively. In other words, TradeCard is changing the international trade practices. Traditionally companies use banks’ services—letter of credit or open account—but TradeCard solution is replacing these services. Although TradeCard is more a substitutor than a complementor to banks’ international trade departments, some banks are now trying to use Web-based solutions to gain their customers back. In other words, for survival and growth the banks are adopting e-commerce solutions to letter of credit and open account transactions in order to stay in the financing business. Accordingly, how TradeCard retains its edge in the provision of a financial supply chain solution while expanding the reach of new markets beciomes an important question to tackle. This case is a study of the TradeCard system, electronic solution development in international trade, and the relationship between TradeCard and banks.
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