Wachovia Bank has launched TradeXchange, a secure, web-based messaging platform designed to provide visibility throughout the financial supply chain from purchase order delivery through to invoice settlement. The bank has also opened a Korean check image capture site.
Wachovia designed TradeXchange to be intuitive and easy to use, while adding enhanced functionality, including facilitating pre- and post-export financing, indemnities for buyer default, purchase order delivery/acknowledgement, document preparation, electronic document management and document compliance.
John McFadden, managing director and head of Wachovia’s global trade services’ product management, said: TradeXchange does not just web-enable old processes. TradeXchange allows a seller’s local bank to collaborate online and to provide pre- and post-export finance to its customers. Similarly, a buyer’s bank can benefit by providing value-added purchase order delivery, credit indemnities and document compliance management. Our goal in providing TradeXchange on a private label basis is to re-intermediate our partner banks into the financial supply chain.
Wachovia has also announced the opening of a remote check image capture site in Korea. Clients can now deliver their US dollar check deposits to the local site, where Wachovia scans the checks and transmits the images to the US for clearing.
The Korean image capture site complements Wachovia’s remote deposit capture and remote image cash letter solutions. These services use image-based technology to enable clients to electronically capture and transmit their US dollar check deposits, allowing the client to truncate the original checks at the point of capture.