BizCurrency and Allproducts.com Ink Deal to Bring Online Global Payment Solutions for Buyers and Sellers Worldwide.Business Editors/Technology Writers PASADENA, Calif.--(BUSINESS WIRE)--Jan. 30, 2001 TradeEnabler Available to More than 100,000 Global Suppliers and Buyers BizCurrency Inc., enabler of real-time international business-to-business transactions, and Allproducts.com, one of the leading global business-to-business e-commerce companies, have formed an alliance to bring online business payment solutions for buyers and sellers globally. The more than 100,000 suppliers and buyers securing goods through the Allproducts.com marketplaces will now have the option of initiating, managing and securing online payments in real time. "Allproducts.com is a prime example of the kind of company that we want to partner with," stated Herve Lacorne, chief executive officer of BizCurrency. "They have established a substantial presence in Asia with 33 offices and continue to grow in the West, by bringing an enormous amount of value to their participating suppliers and buyers to facilitate worldwide trade. Enhancing their efforts in reducing the amount of time and money required to conduct business are values we feel secure in delivering." Participants of 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 have traditionally been required to print invoices and communicate manually or re-key their transaction information into existing enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. or banking systems. Inevitably, these large-scale offline financial transactions slow the trade process -- which can sometimes take weeks to accomplish. By utilizing BizCurrency's TradeEnabler and PaymentNexus products, B2B marketplaces can offer their participants the ability to execute and accelerate their transactions online and in real time. TradeEnabler is designed to facilitate a wide range of import and export trade finance transactions, including commercial letters of credit Commercial letters of credit Trade-related agreement that a certain amount of bank funds is available to an entity. , standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. letters of credit, amendments, bills and documentary collections Documentary collections Trade transactions handled on a draft basis. . PaymentNexus provides straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. between B2B marketplaces and financial institutions, allowing business transactions to be managed online without having to re-key information. "We are committed to continuously improving the breadth and depth of services to our customers. When we can eliminate duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. data, enhance accuracy, reduce cost, accelerate the transaction process and improve cash flow for our clients, we add substantial value to our clients' business," stated Nasir Karamat, vice president of Business Development for Allproducts.com. "As BizCurrency helps to create this value for our clients, it became an easy decision to choose BizCurrency as a partner." Capturing all of the required information, including product specifications, quantities, shipment specifications and authorization for letters of credit, the open architecture of the BizCurrency solution allows for seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. into additional business partners in the value chain, such as insurance, credit, inspection and logistics service providers. About Allproducts.com All Products Online Corp. (www.allproducts.com), with headquarters in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif., is one of the leading global business-to-business e-commerce companies. Allproducts.com owns, manages and operates international and regional B2B marketplaces (regional includes the Greater China area of China, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Taiwan). Its product and supplier database has complete product specifications and supplier data, as well as online transactional services to meet the needs of buyers and sellers worldwide. For more information, visit www.allproducts.com About BizCurrency BizCurrency is an accelerator of global B2B3 commerce. B2B3 commerce is the Web-based collaboration infrastructure and payment solution serving the business-to-business, business-to-bank and bank-to-bank communities. BizCurrency is empowering financial institutions and B2B exchanges to meet the growing needs of their clients by setting the standard for global payments. Enabling real-time international business-to-business transactions, the BizCurrency payment network seamlessly integrates financial institutions and B2B exchanges through a straightforward application service provider platform. Its Web-based applications See Web application. eliminate labor-intensive processing through a user-friendly infrastructure for letter of credit financing, equity-based multi-currency accounting and foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the services. BizCurrency is based in Pasadena. For more information, visit www.bizcurrency.com |
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