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New Offering Enables Transactions of Any Size, on Online Exchange, Anywhere in the World, Multiple Currencies
NEW YORK, NY, and PURCHASE, NY, September 6, 2000 - In response to the growing need to facilitate global business-to-business (B2B) e-commerce transactions online, MasterCard International and TradeCard Inc. today announced their agreement to develop and pilot a new online payment system that will revolutionize the way B2B purchases are made today.
The new MasterCard-TradeCard payment solution will be the first ever to allow businesses to seamlessly complete B2B e-commerce transactions through a single mechanism. Using TradeCard's patented compliance and transaction workflow technology, and MasterCard's trusted brand, purchasing card platform and global reach, the companies will offer an online payment solution that enables businesses to complete transactions whether large or small, domestic or cross-border, in multiple currencies.
The service can be integrated with B2B exchanges and marketplaces, which currently have no similar comprehensive online payment solution for handling different sizes and types of transactions. Businesses will be able to pay for spot transactions, or track larger, more complicated corporate purchase orders through their transaction cycle and then pay for them when the contract terms have been satisfied. Companies will be able to receive integrated payment information, including transaction-level detail via secure web access.
The companies expect to undertake pilot transactions during the fourth quarter of 2000.
Steve Abrams, senior vice president, Corporate Payment Solutions for MasterCard International, said: "Businesses have come to depend on MasterCard to make secure domestic and international purchases. However, just as the complexity of online procurement has increased, so has the need for a payment mechanism, which allows purchases of all types to be conducted completely online. TradeCard's open network, supported by its patented compliance and transaction workflow technology, will provide such a solution to MasterCard business customers worldwide, enhancing MasterCard's portfolio of payment options."
TradeCard Chairman and CEO Kurt Cavano added: "MasterCard has a long-held reputation as a payment innovator, setting the standard for solid, trustworthy settlement options. With the growth of online payments expected to outpace the existing electronic payment methods, forming the right alliances is the key to success. The combined MasterCard/TradeCard solution will leverage the strengths of both entities to provide a single solution where none exists today."
The MasterCard Corporate Payment Solutions group is dedicated to providing innovative, flexible, end-to-end payment solutions to corporations, small businesses and the public sector, worldwide.
About MasterCard
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard®, Cirrus® and Maestro® logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 18 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at www.mastercard.com.
About TradeCard, Inc.
TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to initiate, conduct and settle international trade transactions securely over the Internet. By aggregating buyers, sellers and disparate trade service providers, the TradeCard solution automates and streamlines existing international trade transaction processes, which are complex, paper-based, time-consuming and expensive. TradeCard's objective is to provide a secure, reliable, cost-effective and user-friendly solution for international trade transactions.
TradeCard, Inc. is headquartered in New York City with U.S. offices in San Francisco, San Diego and Chicago, and Asian offices in Hong Kong and Taiwan. TradeCard can be found on the World Wide Web at http://www.tradecard.com.
