BizCurrency Achieves Quantum Leap in International Finance With TradeEnabler; Imperial Bank Begins Beta-Testing.Business Editors/High-Tech Writers PASADENA, Calif.--(BUSINESS WIRE)--Sept. 5, 2000 BizCurrency Inc. announced the completion of alpha-testing for its international finance product, TradeEnabler. Part of the 4fi Product Suite, TradeEnabler revolutionizes international financing by accelerating the process required to execute letters of credit. "TradeEnabler will supercharge su·per·charge tr.v. su·per·charged, su·per·charg·ing, su·per·charg·es 1. To increase the power of (an engine, for example), as by fitting with a supercharger. 2. the letter of credit process for the customers of financial institutions," said Herve Lacorne, BizCurrency.com's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "What once required several days and multiple phone calls can now be managed in real time, effectively collapsing the process down to a matter of minutes A Matter of Minutes is an episode from the television series The New Twilight Zone. Cast
Features unique to TradeEnabler include:
-- Initiating the letter of credit through a series of standardized
templates;
-- Executing the letter of credit through an innovative process by
separating the credit and operations processes;
-- Managing and reporting is accomplished online and in real time for
all the parties involved;
-- Bill presentment;
-- Documentary collections;
-- "Dual-Control" processing; and
-- Full audit reporting.
"The ability for the customer to select a processing bank that differs from his credit bank enables all banks, regardless of size, to participate in international financing," added Lacorne. "TradeEnabler assists the community bank in retaining its customers' credit and relationship without investing in an extensive back office. Larger institutions can reduce their credit exposure while still performing banking services for their correspondent banking Correspondent banking is an account that is established by a domestic banking institution on behalf of a foreign bank for the purpose of handling various financial transactions related to the foreign bank. Correspondent banking allows foreign banks to conduct business in the U.S. relationships." "Working with BizCurrency.com to beta-test its TradeEnabler product is just another example of Imperial Bank striving to provide its clients with innovative business banking products and services," stated Peter Knudson, senior vice president and general manager of Imperial Bank International Division. BizCurrency will release its TradeEnabler product in September 2000. About Imperial Bank With $7 billion in assets, Imperial Bank is one of the leading independent business banks with headquarters in California, and offers a wide range of 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. tailored to corporate customers, entrepreneurs and professionals. Serving mid-sized businesses, Imperial Bank's strategy focuses on delivering customized financial products and services to manufacturing, distribution, wholesale, service, import/export, title and escrow, apparel and textile businesses, in addition to some of the fastest-growing industries such as emerging technology, entertainment and residential construction. Founded in 1963 by California entrepreneurs, Imperial Bank is the principal subsidiary of Imperial Bancorp (NYSE NYSE See: New York Stock Exchange :IMP), with 15 regional banking offices: 12 located throughout California; in Phoenix; in Denver; and in Kirkland, Wash. In addition, Imperial has emerging growth loan offices in Phoenix; Irvine, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif.; Denver; Boston; Raleigh-Durham, N.C.; Austin and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. ; Reston, Va.; and Kirkland. Imperial can be found on the Web at http://www.imperialbank.com. About BizCurrency.com BizCurrency.com, based in Pasadena, is setting the standard for accelerating and enabling real-time business-to-business transactions by seamlessly integrating financial institutions and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business marketplaces with its 4fi and 4x Product Suite into a global payment network. The Product Suite frees up labor-intensive front-, middle- and back-office processing for financial institutions by enabling them to provide their clients with letter of credit financing, equity-based multi-currency accounting and foreign exchange services. With an Internet browser platform, financial institutions can support B2B marketplaces in meeting the growing demand for processing complex business transactions online and in real time. Visit www.bizcurrency.com or contact Joe Perry, vice president of Strategic Development, at joe.perry@bizcurrency.com or 800/980-9036 for more information. |
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