MIAMI, May 17, 2004 – New Generation Computing Inc. (NGC) and TradeCard, Inc. announced that they have formed a strategic alliance creating an integrated solution which enables customers to link their physical and financial supply chains using the same data for both processes.
NGC offers physical supply chain software including a web-based strategic-sourcing software package that enables sourcing executives and vendors to exchange information and manage the production process in real time via the Internet. TradeCard automates the financial processes in the supply chain via a paperless web-based platform to which buyers, sellers and their partners are connected for electronic management, settlement and financing of their transactions.
By linking the two, NGC and TradeCard enable companies to automate and track accounts payable and receivable based on packing and procurement information already being captured in the fulfillment process. This provides a fast way for CFOs and treasurers to gain more control over their working capital, while helping operations to reduce paperwork and speed transactions.
Haggar Clothing Co., a major global apparel company, has acquired the systems to optimize its supply chain.
With the integration, TradeCard’s financial supply chain platform will automatically receive documents from NGC. For example, the purchase order, once completed in the buyer’s NGC system, will be sent to the TradeCard platform, allowing the buyer and seller to invoke a variety of financial services. Once the seller documents the shipment in NGC, an advance shipping notice will be sent to TradeCard and converted to an invoice and packing list. TradeCard then electronically compares these documents against the terms of the purchase order, using its patented data compliance engine.
Based on the buyer’s payment decision rules, agreed in advance with the seller, a payment can then be scheduled and processed on the planned payment date. All authorized parties can track the status of the transaction, including discrepancies and payment statuses.
This alliance eliminates the paper documents involved in a financial transaction, while allowing data created at the point of procurement and packing to be used for multiple purposes. In addition to reducing the time and inaccuracies associated with re-keying such data, the NGC-TradeCard alliance increases the visibility that CFOs and treasurers have into their working capital.
“So many companies have made major investments in managing their physical supply chains,” said Kurt Cavano, chairman and CEO of TradeCard. “Widely-used software like NGC is a great source of important supply chain data – the kind TradeCard can use to automate manual financial processes. What’s also exciting about this alliance is the grip CFOs get over their working capital. With extended visibility into your accounts and operations, you can really improve your working capital position with smart financial services. “
Alan Brooks, president of New Generation Computing, added: “We’re excited about our partnership with TradeCard and our ability to offer our customers a solution that takes the time and paper out of financial transactions.”