Cap Gemini Ernst & Young and TradeCard Deliver New Financial Supply Chain Services Aimed to Save Companies 50 to 100 Basis Points of Top-Line Revenue.Business/Technology/Financial Editors NEW YORK--(BUSINESS WIRE)--May 8, 2001 Alliance Provides Marketplaces, Financial Institutions and Corporates with Automated 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 Trade Transaction Capabilities and Just-in-Time Working Capital Management(TM) Processes Financial supply chain service provider TradeCard, and Global IT consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Cap Gemini Ernst & Young, announced today they have agreed to deliver and integrate TradeCard's patented financial supply chain services to help companies improve working capital and business process efficiencies within their financial supply chains. The financial supply chain comprises the business processes and data flows which buyers and sellers use to manage and settle their trade transactions. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Cap Gemini Ernst & Young benchmarking study of 150 large companies, the firm believes that automation of the financial supply chain with TradeCard's technology along with targeted business process realignments could save companies 50 to 100 basis points of top-line revenue. Such savings result from improvements to working capital, risk management, and business process costs, including the labor and fees related to purchasing, invoicing, 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 , accounts payable, treasury, and cash management. "Cap Gemini Ernst & Young is helping to build the most complex and high-profile B2B marketplaces across industries worldwide," said Pravesh Mehra, Vice President at Cap Gemini Ernst & Young. "We are also helping many large enterprise clients with their private marketplace strategy, development, and customer connectivity efforts through our proven Create-Build-Connect methodologies. We sought a financial supply chain solution provider who would uphold up·hold tr.v. up·held , up·hold·ing, up·holds 1. To hold aloft; raise: upheld the banner proudly. 2. To prevent from falling or sinking; support. 3. the standard of excellence that we are committed to delivering. TradeCard's platform significantly streamlines the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. to payment process and enhances visibility into the flow of both cash and goods. Together, Cap Gemini Ernst & Young and TradeCard will help create the most efficient financial supply chains for our B2B clients." Cap Gemini Ernst & Young recognizes TradeCard as a preferred provider of online financial supply chain tools. TradeCard's platform can be integrated with corporate customers' Enterprise Resource Procurement (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) systems, such as Oracle and SAP, or marketplace procurement platforms, such as Commerce One and Ariba. Cap Gemini Ernst & Young has developed technologies and methodologies to increase the speed and cost-efficiency of integrating these types of systems with TradeCard's platform. Additionally, Cap Gemini Ernst & Young has developed business process improvement and other consultative service offerings focused on procurement, payables, fulfillment, receivables and financial management that allow an enterprise to take full advantage of TradeCard's capabilities. "In today's B2B market, the physical movement of goods through the value chain occurs at a faster rate than the flow of cash," said Kurt Cavano, TradeCard's Chairman and 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. . "We have chosen Cap Gemini Ernst & Young to be a preferred integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. of TradeCard's Financial Supply Chain services. Using TradeCard, companies can align their financial supply chain with their physical supply chain to establish Just-In-Time Working Capital Management(TM) processes, where cash and foreign exchange balances are optimized to match the timing of required payments, days-sales-outstanding are brought more in line with the delivery of goods, and procurement-based credit line usage is optimized. Companies will also improve their risk management and settlement processes - not to mention the positive impact on customer relations, productivity and bottom-line cost savings." Cap Gemini Ernst & Young and TradeCard are working together to connect TradeCard's services to a wide variety of financial institutions, corporates and B2B marketplaces. Organizations using TradeCard can achieve the following benefits: -- Financial Institutions need fast and easily deployable e-commerce products that will satisfy corporate and B2B marketplace customer demands with a range of payment options. TradeCard's financial supply chain platform provides the workflow and settlement features that will enable these institutions to further insert themselves into the e-commerce space. Fourteen financial institutions from various countries are currently licensed re-sellers of TradeCard's service offering. Discussions are being held with additional financial institutions. -- Corporates (buyers and sellers) want a single platform that will enable them to conduct and settle all their transactions: domestic and cross-border; large and small; and open and guaranteed. In addition, they want to use e-commerce tools to improve existing inefficiencies and thereby reduce the cost of doing business. A financial supply chain platform can help them better manage their accounts payables and receivables processes by providing more accurate information and visibility into their transactions while automating many of the labor-intensive aspects of payables and receivables management. -- B2B Marketplaces need liquidity. A platform that provides marketplace customers with transaction management and settlement tools as well as the capability to integrate with existing procurement services will complete the order-to-settlement cycle, thereby enabling users to conduct their transactions online. About TradeCard TradeCard is a financial supply chain service provider. TradeCard's secure transaction infrastructure greatly reduces the inefficiencies and uncertainties found in traditional domestic and cross-border trade transaction processes. By streamlining and enhancing the steps necessary for purchase order approvals, payment decisions and settlement, TradeCard provides a cost-effective, practical and patented service for financial supply chain management. TradeCard, Inc. is 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. with 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 , 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. , Chicago, 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. , Taipei, Seoul and London. TradeCard can be found on the World Wide Web at http://www.tradecard.com. About Cap Gemini Ernst & Young Cap Gemini Ernst & Young is one of the largest management and IT consulting firms in the world. The company offers management and IT consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , systems integration, and technology development, design, and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. capabilities on a global scale to help traditional businesses and "dot companies" continue to implement growth strategies and leverage technology in the new economy. The organization employs more than 59,000 people worldwide and reports global provisional revenues of about 8.5 billion euros (2000 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma ). More information about individual service lines, offices, and research is available at http://www.cgey.com This press release contains a number of matters that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The presentation reflects the current views of TradeCard's management with respect to future events and is subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. |
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