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The global trade environment is changing rapidly, with risk management being balanced against enhanced trusted partner relationships for long-term benefit. Open account trading is complementing traditional trade instruments with increasing effect. Outsourcing of key finance functions is on the rise due to the need to optimize the costs of cross-border transactions.
In this context, companies are seeking to outsource the administrative load of documentary processing imposed by open account trading. This entails extracting data from multiple sources, consolidating and matching invoices/ bills of lading against purchase orders. The time-consuming and error-prone manual process can be made more efficient by technology-enabled automation, but investments of time, funds and resources to develop a platform for this may not provide optimal returns. It is here that banks have an opportunity to ward off the ever-present threat of disintermediation, by addressing their customers´ need to optimize investments and reduce administrative and technological overheads.
TradeFree™ Express increases a bank’s ability to adapt to customers´ changing needs. It enables your corporate customers to engage in new business strategies, such as customized Open Account alternative payment mechanisms. It addresses high-end business needs for different types of Account Receivable Financing and Account Payable Financing.
TradeFree™ Express Open Account Trade includes the key functions below: |
- Buyer / Seller creation with OFAC Check
- Upload electronic Purchase Orders (PO); single/ multiple
- Acceptance/Rejection/Request for Modification of PO
- Electronic Invoices upload (Single/Multiple), Auto Invoice/ PO Data capture through scanned images
- Acceptance of Invoices by Buyer
- PO-Invoice Auto Matching, Forced Invoice Matching
- Request for Discounting by Seller to Bank and Approvals
- Fedwire Message Generation and Payments
- Communication to buyer/ sellers/ bank through emails at all levels
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| To find out more, download TradeFree™ Express Showcase brochure. |
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TradeFree™ is PSI’s comprehensive Trade-focused solution which bundles business functionality, a growing library of versatile components, frameworks and tools, and professional solution integration services, to provide significant value add to our Corporate Banking clients.
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Financial Services |
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Insurance |
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