CIT Commercial Services Joins with TradeCard to Offer Credit Protection Services on the TradeCard Platform.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--April 5, 2004 Alliance Combines Online Transaction Management and Factoring Services to Provide Credit-Enhanced Procurement in a Paperless Environment CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Commercial Services, one of the United States' leading providers of factoring, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying management, credit protection, and lending services, today entered into a strategic alliance with financial supply chain services provider TradeCard to provide CIT's credit protection on the TradeCard platform. This gives TradeCard vendors the option to obtain credit protection from CIT instead of bank letters of credit. Companies that use the TradeCard platform can manage their credit-protected receivables online while taking full advantage of the rest of TradeCard's suite of online financial supply chain services, including electronic documents, automated workflow/messaging, compliance, settlement and financing. Under the terms of a Factoring Agreement between CIT and each vendor, vendors may elect, on a transaction-by-transaction basis, to purchase credit protection from CIT. Payment for the receivable will be made by the buyer, or failing that, CIT, subject to the terms and conditions of the Factoring Agreement. TradeCard manages this entire process - from PO to payment. TradeCard enables companies to obtain credit protection via an automated Web-based platform that is able to operate in companies with disparate technologies and infrastructures. As well as providing the flexibility of transaction-by-transaction factoring, TradeCard's financial supply chain platform greatly reduces the risk of human error, eliminating re-keying of numbers and communication by paper - two major causes of financial errors in trade. "This alliance is yet another way in which forward-thinking companies can get more value out of their financial supply chain," said Kurt Cavano, 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. of TradeCard. "By combining the efficiencies and visibility of the TradeCard platform with the financial strength and global reach of CIT, we have made credit-enhanced trade exponentially easier, more efficient and more accurate. We believe this will be welcome news for the many thousands of suppliers who rely on letters of credit today." "We are delighted to provide our factoring and credit protection services via the TradeCard platform," said John F. Daly, President of CIT Commercial Services. "We are committed to continually finding ways to streamline the credit process enabling business to be conducted in a more efficient manner. Our alliance with TradeCard will allow us to utilize our factoring product to expand CIT's global presence." About TradeCard TradeCard, the leading Financial Supply Chain services provider is revolutionizing global trade with a web-based platform that automates the financial processes in supply chains that have been plagued with decades-old paper-based solutions. By using TradeCard, buyers and sellers can manage their transactions with complete visibility to initial orders through final settlements. TradeCard's global network of partners provides additional automated services on the platform including supply chain financing, credit protection, money movement and inspection. In addition to process improvements, customers realize immediate cost savings, optimized cash flow, reduced reliance on credit lines and improved supply chain relationships. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , TradeCard, Inc. has offices in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , 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. , Brussels, Taipei, Seoul, Tokyo and Shenzhen. TradeCard is a registered trademark in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and elsewhere throughout the world. TradeCard is located online at www.tradecard.com. About CIT Commercial Services CIT Commercial Services is a unit of CIT Group Inc. and is one of the United States' leading providers of factoring, accounts receivable management, credit protection, and lending services. Commercial Services specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other industries that sell into retail channels of distribution. CIT Commercial Services is headquartered in New York City and has offices in Charlotte, Dallas, 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. , Danville, VA, Hong Kong and Shanghai. About CIT CIT Group Inc. (NYSE NYSE See: New York Stock Exchange :CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Founded in 1908, CIT has nearly $50 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. , U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com. |
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