Banknorth Launches Internet-Based Portal for Import/Export Business Customers.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Nov. 17, 2003 Banknorth Group, Inc., has announced the launch of Banknorth Trade, a new Internet-based portal designed to help importers and exporters manage their business more efficiently. The online service will enable Banknorth's commercial customers to stay up to date on the status of international sales or procurements, analyze cross-border settlement activity and find answers to global trade questions. "Every day more of our local business customers must compete in the global marketplace, and Banknorth Trade takes full advantage of the Internet's capabilities to manage the entire international trade process," said Ben Schwartz, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul and Director of International Banking, Banknorth Group, Inc. "Banknorth's goal is to be a strong banking partner for our commercial and small business customers, and for those with international banking needs, Banknorth Trade offers great flexibility and enhances their ability to compete globally." Banknorth Trade offers an extensive menu of online reports on every aspect of a customer's trade transactions. This information is delivered in open standard formats that can be downloaded and easily integrated into enterprisewide systems such as order entry or purchase orders, or into simple spreadsheets, all designed to greatly improve productivity. Banknorth Trade will allow importers to better manage a global supply chain through Internet-based automation of both transactions and information about them. Customers can electronically create and submit import letters of credit applications and amendments from anywhere in the world, as well as receive e-mail alerts on letters of credit-related activity. Banknorth Trade also allows the user to integrate and track transactions by purchase orders, which are the basic building blocks for any importer. For exporters, Banknorth Trade reduces paperwork and delays while providing up-to-the-minute status information on payments from anywhere in the world. The portal allows export letters of credit to be delivered electronically, automates the preparation and submission of direct export collection letters, and drafts e-mail alerts on export-related activity that are directed to all appropriate staff within the company. "Banknorth Trade is a key part of our strategy of offering our customers a full-service international banking capability which is second to none. It is yet another example of our community-based banking approach, where our scale allows us to deliver the best products to our corporate customers, but delivered locally with the highest standards of customer service," said John Fridlington, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition and Director of Commercial Banking at Banknorth Group, Inc. Banknorth Group (NYSE NYSE See: New York Stock Exchange : BNK BNK Bangkok BNK Bundesverband Niedergelassener Kardiologen eV BNK Banking ) is one of the country's 35 largest commercial banking companies, with $26 billion in assets. Banknorth, N.A., a Banknorth Group subsidiary, is the parent company of Peoples Heritage Bank in Maine, Bank of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , Banknorth Massachusetts, Banknorth Connecticut, Banknorth Vermont and Evergreen Bank in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . The company and its banking affiliates also operate subsidiaries in insurance (Banknorth Insurance Group), a money management firm (Banknorth Investment Management Group) and a leasing company (Banknorth Leasing). Banknorth, N.A., also offers investment planning services through Bancnorth Investment Planning Group in association with PrimeVest Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. Other subsidiaries and divisions provide services in mortgage banking, asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". , private banking, merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or and other financial services. For more information about Banknorth, visit the company online at www.banknorth.com. Investment and insurance products: not a deposit; not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured; not insured by any federal government agency; not guaranteed by the bank or any affiliate; and may be subject to investment risk, including possible loss of value. Insurance products are offered through Banknorth, N.A., Banknorth Insurance Group or their state-licensed agency subsidiaries. Securities and insurance products available through Bancnorth Investment Planning Group are provided by PrimeVest Financial Services, Inc., an independent registered broker/dealer. Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . Bank deposits FDIC insured. Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . |
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